After The Revenue And Expense Accounts Have Been Closed, The Balance In Income Summary Will Be

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After The Revenue And Expense Accounts Have Been Closed, The Balance In Income Summary Will Be

Revenues $69300 Expenses: Salaries and Wages Expense $46000 Rent Expense 12400 Advertising Expense 9600 Supplies Expense 5500 Utilities Expense 2700 Insurance Expense 1900 Total expenses 78100 Net income (loss) $ (8800) After the revenue and expense accounts have been closed, the balance in Income Summary will be
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a debit balance of $8800.
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