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After the revenue and expense accounts have been closed, the balance in Income Summary will be O a credit balance of $1210. a debit balance of $6840. O a debit balance of $1210. O a credit balance of $6840.

After the revenue and expense accounts have been closed, the balance in Income Summary will be O a credit balance of $1210. a debit balance of $6840. O a debit balance of $1210. O a credit balance of $6840.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The income statement for the month of June, 2020 of Concord, Inc. contains the following information: Revenues Expenses: Salaries and Wages Expense $2900 Rent Expense 1480 Advertising Expense Supplies Expense Insurance Expense Total expenses Net income 820 320 110 $6840 5630 $1210
Transcribed Image Text:The income statement for the month of June, 2020 of Concord, Inc. contains the following information: Revenues Expenses: Salaries and Wages Expense $2900 Rent Expense 1480 Advertising Expense Supplies Expense Insurance Expense Total expenses Net income 820 320 110 $6840 5630 $1210
After the revenue and expense accounts have been closed, the balance in Income Summary will be O a credit balance of $1210. a debit balance of $6840. a debit balance of $1210. a credit balance of $6840.
Transcribed Image Text:After the revenue and expense accounts have been closed, the balance in Income Summary will be O a credit balance of $1210. a debit balance of $6840. a debit balance of $1210. a credit balance of $6840.
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