Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

he income statement for the month of June, 2018 of Bramble Enterprises contains the following information: Revenues $6670 Expenses: Salaries and Wages Expense $2940 Rent

he income statement for the month of June, 2018 of Bramble Enterprises contains the following information:

Revenues $6670
Expenses:
Salaries and Wages Expense $2940
Rent Expense 1480
Advertising Expense 750
Supplies Expense 320
Insurance Expense 100
Total expenses 5590
Net income $1080

The entry to close the revenue account includes a

debit to Income Summary for $1080.

credit to Income Summary for $6670.

credit to Income Summary for $1080.

debit to Income Summary for $6670.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Proof Tax Shelters

Authors: Donald Jay Korn

1st Edition

0130509310, 978-0130509314

More Books

Students also viewed these Accounting questions

Question

Tell the merits and demerits of Mendeleev's periodic table.

Answered: 1 week ago