[Answered] The Income Summary account balance should always increase after the closing entries are posted at ...

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Author Question: The Income Summary account balance should always increase after the closing entries are posted at ... (Read 135 times)

codyclark

Hero Member
Posts: 538

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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Marked as best answer by a Subject Expert

paavo

Sr. Member
Posts: 301

Reply #1 on: Jul 6, 2018

Answer to Question 1

False

Answer to Question 2

F

codyclark

Member
Posts: 538

Reply 2 on: Jul 6, 2018

Wow, this really help

dyrone

Member
Posts: 322

Reply 3 on: Yesterday

Excellent

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