After posting the entries to close all revenue and expense accounts, Hatfield Company's Income Summary account has a credit balance of $6,000, and the Hatfield, Withdrawals account has a debit balance of $2,500. These balances indicate that profit for the accounting period amounted to $3,500.

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The profit for the accounting period is actually $6,000, which is the credit balance in the Income Summary account before any withdrawals are made. The $2,500 debit balance in the Hatfield, Withdrawals account represents the owner's withdrawals and does not affect the calculation of profit.

After Posting the Entries to Close All Revenue and Expense