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The income statement for the month of June, 2016 of Sarasota, Inc. contains the following information: Revenues $6840 Expenses: Salaries and Wages Expense $2900 Rent
The income statement for the month of June, 2016 of Sarasota, Inc. contains the following information: Revenues $6840 Expenses: Salaries and Wages Expense $2900 Rent Expense 1480 Advertising Expense 820 Supplies Expense 320 Insurance Expense 110 Total expenses 5630 Net income $1210 The entry to close Income Summary to Owners, Capital includes a credit to Owners Capital for $1210. a debit to Revenues for $6840. credits to Expenses totalling $5630. a credit to Income Summary for $1210.
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