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A classified balance sheet organizes assets and liabilities into important subgroups True False pomy After posting the entries to close all revenue accounts and all

A classified balance sheet organizes assets and liabilities into important subgroups True False pomy After posting the entries to close all revenue accounts and all expense accounts, the Income Summary account of Waif Services has a $4,000 debit balance. This shows that Waif Services earned profit of $4,000 True False

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