Some relevant accounts for Ocean Grove Co. as of December 31, 2023 are: Account Dividends Service revenue Salaries expense Advertising expense Insurance expense Utilities expense Debit $12,500 22,000 1,000 2,500 500 Credit $125,000 After all the revenue and expense accounts are closed, the balance in Income Summary (before Income Summary is closed) will be a: credit of $125,000. credit of $86,500. zero balance. credit of $99,000.

After all the revenue and expense accounts are closed, the balance in income Summary (before income Summary is closed) will bea: credit of $125,000. credit of $86,500. zerobalance. credit of $99,000