Account titles & explanations | debit | credit | ||||||
revenue | 7,300 | |||||||
income summary | 7,300 | |||||||
income summary | 5,300 | |||||||
expenses | 5,300 | |||||||
income summary | 2,000 | |||||||
owner's capital | 2,000 | |||||||
hence correct option is | ||||||||
option d | ||||||||
a credit to owners capital for $2,000 | ||||||||
The income statement for the month of June, 2020 of Snap Shot, Inc. contains the following...
The income statement for the year 2020 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages $43,000 Expense Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) The entry to close Income Summary to Owner's Capital includes a) credits to Expenses totalling $79,500. b) a credit to Owner's Capital for $6,500. c) a credit to Income Summary for $6,500. d) a debit to...
The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $7,000 Revenues Expenses Salaries and Wages Expense $3,000 Rent Expense 1,500 Advertising Expense 800 Supplies Expense 300 Insurance Expense Total expenses Net income 100 5.700 $1.300 26) What is the journal entry to close the revenue ount to Income Summary? 27) What is the journal entry to close the expense accounts to Income Summary? 28) What is the journal entry to close Income...
Multiple Choice Question 76 The income statement for the month of June, 2018 of Riverbed Enterprises contains the following information: Revenues $6880 Expenses: Salaries and Wages Expense $3030 Rent Expense 1470 Advertising Expense 730 Supplies Expense 320 Insurance Expense 90 Total expenses 5640 Net income $1240 The entry to close the expense accounts includes a debit to Income Summary for $1240. credit to Rent Expense for $1470. credit to Income Summary for $5640. debit to Salaries and Wages Expense for...
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can you please show work and give me explanation for these answers a s reprises com $7,000 $3,000 12. The income item for the month of June, 2011 of Camer the following information Revenues Expenses Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income 100 The entry to close the revenue Account includes a debit to Income Summary for SIMO b. credit to Income Summary for $1.800 c. debit to Income Summary for...
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