The income statement for the year 2014 of Poole Co. contains the following information: After all closing entries have been posted, the Income Summary account will have a balance of
A) $0.
B) $2,500 debit.
C) $2,500 credit.
D) $37,500 credit.

Question

The income statement for the year 2014 of Poole Co. contains the following information:  After all closing entries have been posted, the Income Summary account will have a balance of
A) $0. 
B) $2,500 debit. 
C) $2,500 credit. 
D) $37,500 credit.

Quizplus · Accepted Answer

The Answer of The income statement for the year 2014 of Poole Co. contains the following information:  After all closing entries have been posted, the Income Summary account will have a balance of
A) $0. 
B) $2,500 debit. 
C) $2,500 credit. 
D) $37,500 credit.

The Income Statement for the Year 2014 of Poole Co