QUESTION 9 After closing all revenue and expense accounts, the Income Summary account of Almanar...
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QUESTION 9 After closing all revenue and expense accounts, the Income Summary account of Almanar Bakery has a $34.700 debit balance. This means that Almanar Bakery earned a net income of $34.700 True O False QUESTION 10 Moda, Capital account has a credit balance of $56,300 before closing entries are made. Total revenues for the period are $73,100, total expenses are $41,800, and withdrawals are $12.600. What is the correct closing entry for the revenue accounts? O A. Debit Income Summary $56,300, credit Moda, Capital $56,300 O B. Debit Revenue accounts $56,300; credit Moda, Capital $56,300 OCDebit Revenue accounts $73,100; credit Income Summary $73.100 OD. Debit Revenue accounts $73,100; credit Moda, Capital S56,300
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