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The Income Statement for the Year 2021 of Fugazi Co

Question 142

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 revenue account will have a balance of A) $0. B) $70,000 credit. C) $70,000 debit. D) $7,500 credit. 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) $7,500 credit.

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