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The income statement for the year 2016 of Nash Co. contains the following information: Revenues $68400 Expenses: Salaries and Wages Expense $47000 Rent Expense 11600
The income statement for the year 2016 of Nash Co. contains the following information: Revenues $68400 Expenses: Salaries and Wages Expense $47000 Rent Expense 11600 Advertising Expense 10100 Supplies Expense 5500 Utilities Expense 2500 Insurance Expense 2100 Total expenses 78800 Net income (loss) $ (10400) The entry to close the revenue account includes a credit to Revenues for $68400. debit to Revenues for $68400. debit to Income Summary for $10400. credit to Income Summary for $10400.
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