Question
After closing the revenue and expense accounts, Income Summary showed a debit balance of $2,100. Which of the following statements is true? A.The company's cash
After closing the revenue and expense accounts, Income Summary showed a debit balance of $2,100. Which of the following statements is true?
A.The company's cash increased $2,100 .
B.The company had a net loss of$2,100 .
C.The company had a net income of $2,100 .
D.The Capital account increased $2,100.
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Cost Accounting
Authors: Edward B. Deakin, Michael Maher
3rd Edition
0256069190, 978-0256069198
