If a business has a net loss,the Income Summary T account would hold a debit balance before the account is closed.

Name: If a business has a net loss,the Income Summary T account would hold a debit balance before the account is closed.
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When a business has a net loss, the Income Summary T account will hold a debit balance before it is closed. This is because expenses will be greater than revenues, causing the account to have a negative balance.

If a Business Has a Net Loss,the Income Summary T