A credit balance in the income summary account after closing revenues and expenses indicates a net income for the current period.

Name: A credit balance in the income summary account after closing revenues and expenses indicates a net income for the current period.
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Question

Quizplus · Accepted Answer

A credit balance in the income summary account after closing revenues and expenses indicates that total revenues exceed total expenses, resulting in a net income for the period.

A Credit Balance in the Income Summary Account After Closing