The income statement for the month of June, 2014 of Happy Smiles Enterprises contains the following...
The income statement for the month of June, 2014 of Happy Smiles Enterprises contains the following information:
Revenues 7,000
Expenses:
Salaries and Wages Expense 3,000
Rent Expense 1,500
Advertising Expense 800
Supplies Expense 300
Insurance Expense 100
Total expenses 7,500
Net income 1,3000
The entry to close Income Summary to Owner’s, Capital includes
a. a debit to Revenues for $7,000.
b. credits to Expenses totalling $5,700.
c. a credit to Income Summary for $1,300
d. a credit to Owner's Capital for $1,300.
Homework Answers
Answer : D) a Credit to Owers's Capital for $ 1,300
Net income = Sales Revenue- Total Expenses = 7000- ( 300+1500+800+300+100) = 7000-5700 = $1,300
Income Summary = $1,300
Close of income summary
| Debit | Credit | |
| Income summary | $ 1,300 | |
| Owner's Capital | $1,300 |
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