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20. The income statement for the year 2019 of Golden Company contains the following information: Revenues $150,000 MOSEL Expenses: Wages Expense ..$75,000 Rent Expense.... 42,000
20. The income statement for the year 2019 of Golden Company contains the following information: Revenues $150,000 MOSEL Expenses: Wages Expense ..$75,000 Rent Expense.... 42,000 Advertising Expense. 9,000 Supplies Expense..... .20,000 Utilities Expense ........ .6,500 Insurance Expense ..8,000 Total expenses. 160,500 Net income (loss).... $(10,500) The entry to close the expense accounts includes a (2 Points) credit to Income Summary for $10.500. Credit to Income summary for 160.500. debit to Income Summary for $160,500. debit to Income Summary for $10.500
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