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After the first two closing entries have been journalized and posted, the balance in income summary is equal to Service revenue
The money a company makes from providing services is known as service revenue. It encompasses any service that the company offers, regardless of whether the client makes a payment. Revenue from services excludes items like interest or a shipment of products. It largely focuses on the company's offerings.
The amount of income a business generates through the sale of services during a specific time period is indicated by service revenue. It does not, however, provide information regarding their revenue.
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