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The income statement for the year 2022 of Sweet Co. contains the following information: Revenues $ 70900 Expenses: Salaries and Wages Expense $ 45400 Rent
The income statement for the year 2022 of Sweet 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 the revenue account includes a credit to Income Summary for $ 7700 . debit to Revenues for $ 70900 . debit to Income Summary for $ 7700 . credit to Revenues for $ 70900
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