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27 Nov 2019
The income statement for the year 2015 of Fugazi Co. containsthe 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)
The entry to close the expense accounts includes a
Select one:
A. credit to Income Summary for $7,500.
B. debit to Utilities Expense for $2,500.
C. debit to Income Summary for $7,500.
D. debit to Income Summary for $77,500.
The income statement for the year 2015 of Fugazi Co. containsthe 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) |
The entry to close the expense accounts includes a
Select one:
A. credit to Income Summary for $7,500.
B. debit to Utilities Expense for $2,500.
C. debit to Income Summary for $7,500.
D. debit to Income Summary for $77,500.
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