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Business
Accounting
Income Summary, at the end of the period but before closing the account, has a credit balance. Which one of the following statements is true? O Total assets decreased during the period. O The business suffered a net loss. O Revenues exceeded expenses for the period The owner withdrew less than net income

Income Summary, at the end of the period but before closing the account, has a credit balance. Which one of the following statements is true? O Total assets decreased during the period. O The business suffered a net loss. O Revenues exceeded expenses for the period The owner withdrew less than net income

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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Income Summary, at the end of the period but before closing the account, has a credit balance. Which one of the following statements is true? O Total assets decreased during the period. O The business suffered a net loss. O Revenues exceeded expenses for the period O The owner withdrew less than net income
Transcribed Image Text:Income Summary, at the end of the period but before closing the account, has a credit balance. Which one of the following statements is true? O Total assets decreased during the period. O The business suffered a net loss. O Revenues exceeded expenses for the period O The owner withdrew less than net income
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