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 10,000 Supplies Expense 6,000o Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 77,500 Net income (loss) $ (7,500) After all closing entries have been posted, the Income Summary account will have a balance of $7,500 credit. O $77,500 credit O $7,500 debit