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The income statement for the month of June, 2016 of Pearl Inc. contains the following information: Revenues $6770 Expenses: Salaries and Wages Expense $3010 Rent
The income statement for the month of June, 2016 of Pearl Inc. contains the following information: Revenues $6770 Expenses: Salaries and Wages Expense $3010 Rent Expense 1460 Advertising Expense 760 Supplies Expense 310 Insurance Expense 100 Total expenses 5640 Net income $1130 The entry to close the expense accounts includes a debit to Salaries and Wages Expense for $3010. credit to Rent Expense for $1460. credit to Income Summary for $5640. debit to Income Summary for $1130.
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