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The following information is from the Income Statement of Bonitas Lawn Service for the quarter ending September 2022 : Service Revenue $5100 Expenses Salaries and
The following information is from the Income Statement of Bonitas Lawn Service for the quarter ending September 2022:
Service Revenue | $5100 | ||||
---|---|---|---|---|---|
Expenses | |||||
Salaries and Wages expense | $3400 | ||||
Supplies expense | 500 | ||||
Insurance expense | 290 | ||||
Total expenses | 4190 | ||||
Net Income | $910 |
The balance in Retained Earnings at July 1 was $3800. Bonitas distributed dividends of $3500 during the period. Prior to closing Income Summary, the account will have a balance of
A. $910 credit.
B. $910 debit.
C. $3500 debit.
D. $4580 credit.
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