The income statement for the month of June, 2016 of Concord Inc. contains the following information: Revenues $7060 Expenses: Salaries and Wages Expense $2860 Rent Expense 1470 Advertising Expense 800 Supplies Expense 280 Insurance Expense 90 Total expenses 5500 Net income $1560 After the revenue and expense accounts have been closed, the balance in Income Summary will be a debit balance of $1560. a debit balance of $7060. a credit balance of $1560. a credit balance of $7060.