Dogwood, Inc. earned revenues of $11,000 and incurred expenses of $7,500. The company declared and paid cash dividends of $2,000. What is the balance in the Income Summary account prior to closing net income or loss to the Retained Earnings account?
A. credit balance of $3,500
B. credit balance of $11,000
C. debit balance of $3,500
D. debit balance of $1,500
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