Question
8. If expenses exceed revenues for the accounting period, the income summary account: A. Will have a debit balance after closing B. Will have a
8. If expenses exceed revenues for the accounting period, the income summary account:
A. Will have a debit balance after closing
B. Will have a debit balance prior to closing
C. Will have a credit balance prior to closing
D. All of these answer choices are incorrect
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, Maureen Sterling
7th Canadian Edition
1260065952, 978-1260065954
