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The income statement for the year 2021 of Wildhorse Co.contains the following information: Revenues $70900 Expenses: Salaries and Wages Expense $45400 Rent Expense 12500 Advertising
The income statement for the year 2021 of Wildhorse Co.contains the following information: Revenues $70900 Expenses: Salaries and Wages Expense $45400 Rent Expense 12500 Advertising Expense 10100 Supplies Expense 6300 Utilities Expense 2300 Insurance Expense 2000 Total expenses 78600 Net income (loss) $(7700) The entry to close Income Summary to Retained Earnings includes O a credit to Retained Earnings for $7700. O a credit to Income Summary for $7700. O a debit to Revenue for $70900. O credits to Expenses totalling $78600
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