The income statement for the year 2020 of Bugati Holding contains the following information: Revenues $73,000 Expenses: Salaries and Wages Expense $43,000 Rent Expense $12,000 Advertising Expense $11,000 Supplies Expense $6,000 Utilities Expense $3,500 Insurance Expense $4,000 Total expenses $79,500 Net income (loss) ($6,500) The entry to close the expense accounts includes a

The income statement for the year 2020 of Bugati Holding contains the following information: Revenues $73,000 Expenses: Salaries and Wages Expense $43,000 Rent Expense $12,000 Advertising Expense $11,000 Supplies Expense $6,000 Utilities Expense $3,500 Insurance Expense $4,000 Total expenses $79,500 Net income (loss) ($6,500) After all closing entries have been posted, the revenue account will have a balance of