The income statement for the year $2020$ of Concord Co$.$ contains the following information:

Revenues

$$69500$

Expenses:

Salaries and Wages Expense

$$47200$

Rent Expense

$12100$

Advertising Expense

$10100$

Supplies Expense

$6400$

Utilities Expense

$2400$

Insurance Expense

$1800$

$80000$

Net income $($loss$)$

$ $(10500)$

The entry to close the expense accounts includes a

debit to Income Summary for $$80000$

debit to Income Summary for $$10500$

debit to Utilities Expense for $$2400$

credit

TO

Income Summary for $$10500.$