What is balance on income summary account prior to closing
Revenue total 10,200. Expense total 7,300. Withdrawls total 2,600. What is the balance on the Income summary account prior to closing Net Income or loss to the Capital account?
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On Decemeber 1, 2014, Parsons Sales sold machinery to a customer for 2,000. The customer could not pay at the time of sale, but agreed to pay 9 months later, and signed a 9-month note at 12% interest.
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