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- A) a credit balance of $7,500.
- B) $0.
- C) a credit balance of $70,000.
- D) a debit balance of $7,500.
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Because after expenses and closing income, the income summary will show net income or loss. Here, company has lost so balance will be debit. Thus, the correct answer is D) A debit balance of $7.500
After expenses and closing income, the income summary will show net income or loss. Here company has lost. So balance will be debit.
Answer is D) A debit balance of $7.500
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