Multiple Choice
If income summary has a $13,500 debit balance before it is closed to the capital account, the company:
A) generated a net income of $13,500.
B) incurred a net loss of $13,500.
C) had revenues that exceeded expenses by $13,500.
D) had expenses that were $13,500 less than revenues.
Correct Answer:
Verified
Correct Answer:
Verified
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