1- The income statement for the month of June, 2020 of Snap Shot, Inc. contains the following information: Revenues $7,300 Expenses: Salaries and Wages Expense $3,000 Rent Expense $1,300 Advertising Expense $700 Supplies Expense $200 Insurance Expense $100 Total expenses $5,300 Net income $2,000 The entry to close the expense accounts includes a

2- The income statement for the year 2020 of Bugati Holding contains the following information: Revenues $73,000 Expenses: Salaries and Wages Expense $43,000 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 the revenue account includes a