Multiple Choice Question 75 The income statement for the month of June, 2018 of Cullumber Enterprises contains the following information: Revenues $6780 $3020 1570 Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses 840 310 100 5840 Net income $940 The entry to close the revenue account includes a debit to Income Summary for $940. credit to Income Summary for $940. debit to Income Summary for $6780. credit to Income Summary for $6780. Multiple Choice Question 54 The income statement and balance sheet columns of Iron and Wildhorse Company's worksheet reflect the following totals: Income Balance Statement Sheet Dr. Cr. Dr. Cr. Totals $75000 $41300 $57100 $90800 The net income (or loss) for the period is $41300 income. $33700 income. $33700 loss. not determinable. Multiple Choice Question 76 The income statement for the month of June, 2018 of Shamrock Enterprises contains the following information: Revenues $7280 Expenses: Salaries and $2960 Wages Expense Rent Expense 1450 Advertising 850 Expense Supplies Expense 300 Insurance 100 Expense Total 5660 expenses Net income $1620 The entry to close the expense accounts includes a debit to Income Summary for $1620. credit to Rent Expense for $1450. credit to Income Summary for $5660. debit to Salaries and Wages Expense for $2960. Multiple Choice Question 77 The income statement for the month of June, 2018 of Swifty Enterprises contains the following information: Revenues $6970 Expenses: Salaries and $2890 Wages Expense Rent Expense 1520 Advertising 840 Expense Supplies Expense 310 Insurance 110 Expense Total 5670 expenses Net income $1300 After the revenue and expense accounts have been closed, the balance in Income Summary will be a credit balance of $6970. a credit balance of $1300. $0. a debit balance of $1300. Multiple Choice Question 78 The income statement for the month of June, 2018 of Culver Enterprises contains the following information: $6890 $2880 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income 1460 740 320 110 5510 $1380 The entry to close Income Summary to Retained Earnings includes credits to Expenses totalling $5510. a debit to Revenues for $6890. a credit to Income Summary for $1380. a credit to Retained Earnings for $1380