After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaves Auto Services has a 4,800 debit balance. This result implies that Cleaver has net income of 4,800 The or False True False

FalseThe Income Summary account having a \ 4,800, not net income. A debit balance in the Income Summary account indicates that expenses exceeded revenues, resulting in a net loss. Conversely, a credit balance would indicate net income.