After posting the entries to close all revenue and expense accounts, the Income Summary account...
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Accounting
After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $5,100 debit balance. This result implies that Cleaver earned a net income of $5,100. A. True B. False After posting the entries to close all revenue and expense accounts, Marker Company's Income Summary account has a credit balance of $7,400, and its Marker, Withdrawals account has a debit balance of $3,200. These balances indicate that net income for the current accounting period amounted to $4,200. A. True B. False
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