Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The income statement for the month of June 2018 of carnes inc. contains the following information: Revenue 7300 Salaries and wages expense 3000 Rent expense
The income statement for the month of June 2018 of carnes inc. contains the following information: Revenue 7300Salaries and wages expense 3000 Rent expense 1300 Advertising expense 700 Supplies expense 200 Insurance expense 100 Total Expense 5300 Net income 2,000 The entry to close the expense account includes a A debit to income summary for 2,000 B credit rent expense for 1300 C.Credit to income summary for 5300 D. Debit salary and wages expense for 3,000
Salaries and wages expense 3000
Rent expense 1300
Advertising expense 700
Supplies expense 200
Insurance expense 100
Total Expense 5300
Net income 2,000
The entry to close the expense account includes a
A debit to income summary for 2,000
B credit rent expense for 1300
C.Credit to income summary for 5300
D. Debit salary and wages expense for 3,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started