Author Question: The Income Summary account balance should always increase after the closing entries are posted at ... (Read 145 times)

codyclark · **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