sothatallassetsliabilitiesandownerscapitalaccountswillhaveze...

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so that all assets, liabilities, and owner's capital accounts will have zero balances when the next accounting  period starts.
4 .  The income statement for the year 2014 of Fugazi Co. contains the following information: Revenues $70,000 Expenses:
Salaries and Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 10,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 77,500 Net income (loss) ($7,500)   After all closing entries have been posted, the Income Summary account will have a balance of $7,500 debit. $7,500 credit. $77,500 credit. $0. 5 .  The income statement for the year 2014 of Fugazi Co. contains the following information: Revenues $70,000 Expenses: Salaries and Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 10,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 77,500 Net income (loss) ($7,500)  After all closing entries have been posted, the revenue account will have a balance of $0. $7,500 credit.

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