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What is the balance in the income summary account

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Question 1: A company earned revenues of $20,000 and incurred expenses of $4,000. The company withdrew $3,500 for personal use. What is the balance in the Income Summary account prior to closing net income or loss to the company, Capital Account?

Option 1: Debit Balance of $16,000

Option 2: Debit Balance of $12,500

Option 3: Credit Balance of $16,000

Option 4: Credit Balance of $20.000

Reference no: EM132485196

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