At the end of the fiscal period, the income summary account shows a credit balance of $3,500.
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At the end of the fiscal period, the income summary account shows a credit balance of $3,500. This income summary account balance will be closed out to which account?
a. A debit to owner’s capital
b. A credit to owner’s capital
c. A debit to owner’s revenue
d. A credit to owner’s withdrawals
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