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The Income Statement for the Year 2021 of Fugazi Co

Question 70

Multiple Choice

The income statement for the year 2021 of Fugazi Co.contains the following information: The income statement for the year 2021 of Fugazi Co.contains the following information: After all closing entries have been posted, the Income Summary account will have a balance of A) $0. B) $7,500 debit. C) $7,500 credit. D) $77,500 credit. After all closing entries have been posted, the Income Summary account will have a balance of


A) $0.
B) $7,500 debit.
C) $7,500 credit.
D) $77,500 credit.

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