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QUESTION 17 Use the following information to answer questions 17 thru 19: Cleaning Revenue $2500 Wages Expense $700 Rent Expense $500 Supplies Expense $300 Insurance
QUESTION 17 Use the following information to answer questions 17 thru 19: Cleaning Revenue $2500 Wages Expense $700 Rent Expense $500 Supplies Expense $300 Insurance Expense 5200 Depreciation Expense $100 The entry to close the Revenue account includes a Debit to Cleaning Revenue for $2500. Credit to Cleaning Revenue for $2500. Debit to Income Summary for $2500 Debit to Retained Earnings for $2500. QUESTION 18 The entry to close all expense accounts would include a Credit to Retained earnings for $700. Debit to Wages Expense for $700. Debit to Income Summary for $1800. Credit to Income Summary for $1800. The entry to close the Income Summary account includes a Credit to Net Income for $700. Credit to Income Summary for $700. Credit to Common Stock for $700. Credit to Retained Earnings for $700
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