Multiple Choice
After closing the revenue and expense accounts,Income Summary showed a debit balance of $1,500.Which of the following statements is true?
A) The company had a net loss of $1,500.
B) The company had a net income of $1,500.
C) The company's cash increased $1,500.
D) None of these answers is correct.
Correct Answer:
Verified
Correct Answer:
Verified
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