Net income£3,4002) The entry to close the expense accounts includes aEXPa. debit to Income Summary for £3,400.b. credit to Rent Expense for £1,000,C. Credit to Income Summary for £3,600.d. debit to Wages Expense for £2,000.3600 360sIS3600NCOLBThe income statement for the month of June, 2011 of Taylor Enterprises contains the followinginformation:Revenues£7,000Expenses:Wages ExpenseRent ExpenseSupplies ExpenseAdvertising ExpenseInsurance ExpenseTotal expenses£2,0001,0003002001003.600£3,400Net income3) After the revenue and expense accounts have been closed, the balance in Income Summary will bea. £0.b. a debit balance of £3,400.C. a credit balance of £3,400.d. a credit balance of £7,000.IS3660 70003400

Name: Net income£3,4002) The entry to close the expense accounts includes a
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Description: Net income£3,4002) The entry to close the expense accounts includes aEXPa. debit to Income Summary for £3,400.b. credit to Rent Expense for £1,000,C. Credit to Income Summary for £3,600.d. debit to Wages Expense for £2,000.3600 360sIS3600NCOLBThe in

1. Close Revenue Accounts Clear the balance of the revenue account by debiting revenue and crediting…

Business

Accounting

2) The entry to close the expense accounts includes a a. debit to Income Summary for £3,400. b. credit to Rent Expense for £1,000, C. Eredit to Income Summary for £3,600. d. debit to Wages Expense for £2,000. 30

2) The entry to close the expense accounts includes a a. debit to Income Summary for £3,400. b. credit to Rent Expense for £1,000, C. Eredit to Income Summary for £3,600. d. debit to Wages Expense for £2,000. 30

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

Net income
£3,400
2) The entry to close the expense accounts includes a
EXP
a. debit to Income Summary for £3,400.
b. credit to Rent Expense for £1,000,
C. Credit to Income Summary for £3,600.
d. debit to Wages Expense for £2,000.
3600 360s
IS
3600
NC
OLB
The income statement for the month of June, 2011 of Taylor Enterprises contains the following
information:
Revenues
£7,000
Expenses:
Wages Expense
Rent Expense
Supplies Expense
Advertising Expense
Insurance Expense
Total expenses
£2,000
1,000
300
200
100
3.600
£3,400
Net income
3) After the revenue and expense accounts have been closed, the balance in Income Summary will be
a. £0.
b. a debit balance of £3,400.
C. a credit balance of £3,400.
d. a credit balance of £7,000.
IS
3660 7000
3400

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