Cash $5,300 Accounts Receivables $10,800 Supplies $1,500 Prepaid Insurance $1,500 ces below. Equipment $2,000 Accumulated Depreciation - Equipment $5,600 Notes Payable $15,000 Accounts Payable $6,100 Salaries and Wages Payable $2,400 Common Stock $13,000 Dividends $13,000 Service Revenue $61,000 Advertising Expense $8,400 Supplies Expense $4,000 Depreciation Expense $5,600 Insurance Expense $3,500 Salaries and Wages Expense $28,000 What is the journal entry to close expenses? Debit all Expenses $61,000, Credit Income Summary $61,000 Debit Income Summary $49,500, Credit all Expenses $49,500 Debit all Expenses $49,500, Credit Income Summary $49,500 Debit Income Summary $61,000, Credit all Expenses $61,000

What is the journal entry to close expenses? Debit all Expenses $61,000, Credit Income Summary $61,000 Debit Income Summary $49,500, Credit all Expenses $49,500 Debitall Expenses $49,500, Credit Income Summary $49,500 Debit Income Summary $61,000, Credit all Expenses $61,000