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Woods Company earned revenues of $18,000 and incurred expenses of $9,500. The company's owner withdrew $3,500. What is the balance in the Income Summary account
Woods Company earned revenues of $18,000 and incurred expenses of $9,500. The company's owner withdrew $3,500. What is the balance in the Income Summary account after closing net income or loss to the Owner, Capital account? OA. debit balance of $18,000 B. credit balance of $9,500 C. credit balance of $8,500 OD. balance of $0
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