Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 36 (1 point) Income Statement Debit Credit Cleaning Revenue 2,500 Wages Expense 700 Rent Expense 500 Supplies Expense 300 Insurance Expense 200 Utilities Expense

image text in transcribed

Question 36 (1 point) Income Statement Debit Credit Cleaning Revenue 2,500 Wages Expense 700 Rent Expense 500 Supplies Expense 300 Insurance Expense 200 Utilities Expense 100 2,500 Net Income 1,800 700 2,500 2,500 The entry to close the Cleaning revenue account includes a 1) Debit to Cleaning Revenue for $2,500 2) Credit to Cleaning Revenue for $2,500 3) Debit to owner's Capital for $2,500 4) Debit to Income Summary for $2,500

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

Modern Auditing

Authors: Graham Cosserat

1st Edition

0471810584, 9780471810582

More Books

Students also viewed these Accounting questions

Question

What is the largest geographic area the system can cover?

Answered: 1 week ago