The income statement for the month of June, 2021 of Whispering Enterprises contains the following information: Revenues $6800 Expenses: Salaries and Wages $2880 Expense Rent Expense 1490 Advertising Expense 740 Supplies Expense 300 Insurance Expense 90 Total expenses 5500 Net income $1300 The entry to close the revenue account includes a O debit to Income Summary for $1300. O credit to Income Summary for $6800. O credit to Income Summary for $1300. O debit to Income Summary for $6800.
Added by Michael G.
Close
Step 1
The revenue account needs to be closed at the end of the accounting period. This means that the revenue account balance needs to be transferred to the income summary account. Show more…
Show all steps
Your feedback will help us improve your experience
Sanchit Jain and 98 other Principles of Accounting educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
The Income statement for the month of June 2020 of Snap Shot, Inc. contains the following information: Revenues $7,300, Expenses: Salaries and Wages Expense $3,000, Rent Expense $1,300, Advertising Expense $700, Supplies Expense $200, Insurance Expense $100, Total expenses $5,300, Net income $2,000. The entry to close the revenue account includes a
Adi S.
The income statement for the month of June 2014 of Camera Obscura Enterprises contains the following information: Revenues: $7,000 Expenses: - Salaries and Wages Expense: $3,000 - Rent Expense: $1,500 - Advertising Expense: $800 - Supplies Expense: $300 - Insurance Expense: $100 Total expenses: $5,700 Net income: $1,300 The entry to close Income Summary to Owner's Capital includes: Select one: a. A debit to Revenues for $7,000 b. A credit to Income Summary for $1,300 c. A credit to Owner's Capital for $1,300 d. Credits to Expenses totaling $5,700.
Madhur L.
Income Statement After its first month of operations, the following amounts were taken from the accounting records of West Coast Dreams Realty Inc. as of June 30, 20Y9: Cash: $86,000 Notes payable: $100,000 Common stock: $150,000 Rent expense: $16,000 Dividends: $4,000 Retained earnings: $0 Interest expense: $600 Salaries expense: $100,000 Land: $200,000 Sales commissions: $180,000 Miscellaneous expense: $3,400 Utilities expense: $20,000 Prepare an income statement for the month ended June 30, 20Y9. West Coast Dreams Realty Inc. Income Statement For the Month Ended June 30, 20Y9 Revenues: Expenses: Total expenses: Net income:
Akash M.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
Watch the video solution with this free unlock.
EMAIL
PASSWORD