Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
The income statement for the month of june 2020 of buffalo inc. contains rhe following information The income statement for the month of June, 2020
The income statement for the month of june 2020 of buffalo inc. contains rhe following information
The income statement for the month of June, 2020 of Buffalo, Inc. contains the following information: $6820 Revenues Expenses: $2890 1490 Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense 730 310 90 Total expenses 5510 Net income $1310 The entry to close Income Summary to Owner's, Capital includes O a credit to Income Summary for $1310. O a credit to Owner's Capital for $1310. credits to Expenses totalling $5510. a debit to Revenues for $6820
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669fd5beedd59_974669fd5bec4043.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started