21 After posting the entries to close all revenue and expense accounts, Hatfield Company's Income Summary account has a credit balance of $6,000, and the Hatfield, Withdrawals account has a debit balance of $2,500. These balances indicate that profit for the accounting period amounted to $3,500. True or False -Book erences True False & Exit Submit Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and the withdrawals account to a balance sheet equity account. True or False True False Saved Help Save & Fit Submit 25 Sharp's post-closing trial balance has debit totals of $40,350 and credit totals of $40,650. The next step is to review for errors in the closing process. 0.5 points True or False eBook True False References Harley Ravidson's current assets are $400 million and its current liabilities are $250 million. Its current ratio is 63 to 1. 30 True or False pints eBook True False References