The Withdrawal account is closed to O Expenses. O Income Summary. Assets. Owner's Capital. QUESTION 6 Bald Peak Logging had revenues of $30,000, expenses of $23,000, and withdrawals of $6,000. After closing these accounts, the balance in the Income Summary account is a O $1,000 credit. $7,000 debit. $1,000 debit. $7,000 credit QUESTION 7 The purpose of the post-closing trial balance is to O determine the net income for the accounting period. Oprove that only debit balances are carried forward to the next accounting period. O prove the ledger is in balance and that only permanent accounts are carried forward to the next accounting period. prove that no mistakes have been made. QUESTION 8 Use of the accrual basis of accounting means that O revenue is recorded when it is earned and expenses are recorded when incurred O net income is determined by netting cash inflows with cash outflows O there is another method of accounting to determine a business's taxes Orevenue is recorded when it is earned and expense are recorded when paid