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14. The income statement for the year 2019 of Golden Company contains the following information: Revenues ..$150,000 Expenses: Wages Expense Rent Expense..... Advertising Expense... Supplies

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14. The income statement for the year 2019 of Golden Company contains the following information: Revenues ..$150,000 Expenses: Wages Expense Rent Expense..... Advertising Expense... Supplies Expense..... Utilities Expense Insurance Expense Total expenses... $75,000 42,000 9,000 ...20,000 .6,500 ...8,000 160,500 Net income (loss).. $(10,500) The entry to close the expense accounts includes a (2 Points) debit to Income Summary for $160,500. Credit to Income summary for 160,500. credit to Income Summary for $10,500. debit to Income Summary for $10,500

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