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Author Question: The Income Summary account balance should always increase after the closing entries are posted at ... (Read 33 times)

codyclark

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on: Jul 6, 2018
The Income Summary account balance should always increase after the closing entries are posted at the end of the accounting period.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Gross profit is the difference between sales and all operating expenses.
 
  Indicate whether the statement is true or false


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paavo

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Reply #1 on: Jul 6, 2018
Answer to Question 1

False

Answer to Question 2

F


codyclark

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Reply 2 on: Jul 6, 2018
Thanks for the timely response, appreciate it

Sarahjh

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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