The Income Statement for the Year 2011 of Poole Co

Multiple Choice

The income statement for the year 2011 of Poole Co.contains the following information:
$\begin{array}{lr}\text { Revenues }&&\$70,000\\\text { Expenses: }\\\text { Wages Expense } & \$ 45,000 \\\text { Rent Expense } & 12,000 \\\text { Advertising Expense } & 6,000 \\\text { Supplies Expense } & 6,000 \\\text { Utilities Expense } & 2,500 \\\text { Insurance Expense } & 2,000\\\text { Total expenses }&&73,500\\\text { Net income (loss) }&&\$(3,500) \end{array}$

After the revenue and expense accounts have been closed, the balance in Income Summary will be

A) $0.
B) a debit balance of $3,500.
C) a credit balance of $3,500.
D) a credit balance of $70,000.