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The income statement for the month of June, 2018 of Marin Enterprises contains the following information: Revenues $7130 Expenses: Salaries and Wages Expense $2910 Rent
The income statement for the month of June, 2018 of Marin Enterprises contains the following information:
Revenues | $7130 | |
Expenses: | ||
Salaries and Wages Expense | $2910 | |
Rent Expense | 1490 | |
Advertising Expense | 750 | |
Supplies Expense | 280 | |
Insurance Expense | 110 | |
Total expenses | 5540 | |
Net income | $1590 |
The entry to close Income Summary to Retained Earnings includes
| a debit to Revenues for $7130. |
| credits to Expenses totalling $5540. |
| a credit to Retained Earnings for $1590. |
| a credit to Income Summary for $1590. |
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