Revenues total $10,200, expenses total $7,300, and the owner's withdrawals account has a balance of $2,600

Accounting Dec 14, 2020

Revenues total $10,200, expenses total $7,300, and the owner's withdrawals account has a balance of $2,600. What is the balance in the income summary account after all closing entries are completed?

Expert Solution

Prior balance in income summary= Revenues total- Expenses total

= 10200- 7300

= 2900

Balance in the income summary account after all closing entries= Prior balance in income summary- Withdrawals

= 2900- 2600

= 300

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