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Woods Company earned revenues of $11,000 and incurred expenses of $5,000. The company's owner withdrew $2,000. What is the balance in the Income Summary account
Woods Company earned revenues of $11,000 and incurred expenses of $5,000. The company's owner withdrew $2,000. What is the balance in the Income
Summary account after closing net income or loss to the Owner, Capital account?
O A. debit balance of $11,000
O B. balance of $0
O C. credit balance of $6,000
O D.
credit balance of $5,000
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
