The Income summary account has a $25,000 credit balance after the revenue and expense accounts have been closed. To which account is this balance closed?
Solution
D. Capital
.
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The Income summary account has a $25-000 credit balance after the reve.docx
1. The Income summary account has a $25,000 credit balance after the revenue and expense
accounts have been closed. To which account is this balance closed?
A. Drawing
B. Sales revenue
C. Cost of goods sold
D. Capital
Solution
D. Capital