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The Income Statement for the Year 2014 of Poole Co

Question 2

Multiple Choice

The income statement for the year 2014 of Poole Co. contains the following information: The income statement for the year 2014 of Poole Co. contains the following information: After all closing entries have been posted, the Income Summary account will have a balance of A) $0. B) $2,500 debit. C) $2,500 credit. D) $37,500 credit. After all closing entries have been posted, the Income Summary account will have a balance of


A) $0.
B) $2,500 debit.
C) $2,500 credit.
D) $37,500 credit.

Correct Answer:

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