The Income Statement for the Year 2010 of Poole Co

question 5

Multiple Choice

The income statement for the year 2010 of Poole Co. contains the following information: After the revenue and expense accounts have been closed, the balance in Income Summary will be

• A) $0.
• B) a debit balance of $3,500.
• C) a credit balance of $3,500.
• D) a credit balance of $70,000.