The income statement for the year 2015 of Fugazi Co. contains the following information:

Revenues $70,000

Expenses:

Salaries and Wages Expense $45,000

Rent Expense 12,000

Advertising Expense 8,000

Supplies Expense 6,000

Utilities Expense 2,500

Insurance Expense 2,000

Total expenses 75,500

Net income (loss) $(5,500)

The entry to close the revenue account includes a

Question 18 options:

debit to Income Summary for $5,500.

credit to Income Summary for $5,500.

debit to Revenues for $70,000.

credit to Revenues for $70,000.