Practice Problem 2

25. After closing the revenue and expense accounts, the balance in the Income Summary account equals: a. Zero. b. Net Income. c. Revenues. d. Expenses. 26. At the end of the closing process, the balance in the Income Summary account equals: a. Zero. b. Net Income. c. Revenues. d. Expenses. 27. A business has earned revenues of $3,500 during a ... ................
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