The income statement for the month of June, 2020 of Concord, Inc. contains the following information: Revenues Expenses: Salaries and Wages Expense $2900 Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income 1480 820 320 110 $6840 5630 $1210

The income statement for the month of June, 2020 of Concord, Inc. contains the following information: After the revenue and expense accounts have been closed, the balance in Income Summary will be a credit balance of $1210. a debit balance of $6840. a debit balance of $1210. a credit balance of $6840