Multiple Choice Question 75 The income statement for the month of June, 2018 of Blossom Enterprises...
Multiple Choice Question 75
The income statement for the month of June, 2018 of Blossom
Enterprises contains the following information:
| Revenues | $6650 | |
| Expenses: | ||
| Salaries and Wages Expense | $3030 | |
| Rent Expense | 1460 | |
| Advertising Expense | 860 | |
| Supplies Expense | 320 | |
| Insurance Expense | 110 | |
| Total expenses | 5780 | |
| Net income | $870 |
The entry to close the revenue account includes a
| credit to Income Summary for $870. |
| debit to Income Summary for $870. |
| debit to Income Summary for $6650. |
| credit to Income Summary for $6650. |
Homework Answers
Revenue has a credit balance. To close revenue has to be debited. Income summary will have the credit balance of revenue when revenue is closed.
credit to Income Summary for $6650.
4th option
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Multiple Choice Question 75
The income statement for the month of June, 2018 of Blossom
Enterprises...
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