Dogwood Company earned revenues of $19,000 and incurred expenses of $7,000. The owner made withdrawals of $3,500.
Fantastic news! We've Found the answer you've been seeking!
Question:
Dogwood Company earned revenues of $19,000 and incurred expenses of $7,000. The owner made withdrawals of $3,500. What is the balance in the Income Summary account prior to closing net income or loss to the Owner, Capital account?
A. debit balance of $12,000
B. debit balance of $8,500
C. credit balance of $12,000
D. credit balance of $19,000
Expert Answer:
Posted Date:
