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Woods Company earned revenues of $18,000 and incurred expenses of $6,500. The company's owner withdrew $3,000. What is the balance in the Income Summary account
Woods Company earned revenues of $18,000 and incurred expenses of $6,500. The company's owner withdrew $3,000. 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 $18,000 OB. balance of $0 OC. credit balance of $6,500 OD. credit balance of $11,500
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