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:
$\begin{array}{lr}\text { Revenues }&&\$70,000\\\text { Expenses: }\\\text { Wages Expense } & \$ 45,000 \\\text { Rent Expense } & 12,000 \\\text { Advertising Expense } & 6,000 \\\text { Supplies Expense } & 6,000 \\\text { Utilities Expense } & 2,500 \\\text { Insurance Expense } & 2,000\\\text { Total expenses }&&73,500\\\text { Net income (loss) }&&\$(3,500) \end{array}$

$\text { After all closing entries have been posted, the revenue account will have a balance of }$

A) $\$ 0$ .
B) $\$ 70,000$ credit.
C) $\$ 70,000$ debit.
D) $\$ 3,500$ credit.