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After completing the closing entries for Revenues and Expenses, the Income Summary account has a credit balance of $ 1 , 5 0 0 .

After completing the closing entries for Revenues and Expenses, the Income Summary account has a credit balance of $1,500.
The journal entry to close out the $1,500 credit balance of Income Summary would be:
\table[[Date,Accounts,Debit,Credit],[,Service Revenue,1,500,],[,Income Summary,,1,500]]
\table[[Date,Accounts,Debit,Credit],[,Income Summary,1,500,],[,Service Revenue,,1,500]]
\table[[Date,Accounts,Debit,Credit],[,Income Summary,1,500,],[,Retained Earnings,,1,500]]
\table[[Date,Accounts,Debit,Credit],[,Retained Earnings,1,500,],[,Income Summary,,1,500]]
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