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After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $5,500 debit balance. This
After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $5,500 debit balance. This result implies that Cleaver earned a net income of $5,500. True or False?
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Accounting Information Systems
Authors: Vernon Richardson, Chengyee Chang, Rod Smith
2nd edition
