Given partial accounts of Arctic Bay Co.: Sales Revenue: $210,000 Service Revenue: $50,000 COGS: $90,000 Rent Expense: $9,000 Wage Expense: $28,000 Depreciation Expense: $22,000 Interest Expense: $5,000 Determine the debit to Income Summary for the closing entry.

Given partial accounts of Arctic Bay Co.: Sales Revenue: $210,000 Service Revenue: $50,000 COGS: $90,000 Rent Expense: $9,000 Wage Expense: $28,000 Depreciation Expense: $22,000 Interest Expense: $5,000 Determine the debit to Income Summary for the closing entry.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 11E: The debits and credits for four related entries for a sale of 15,000, terms 1/10, n/30, are...

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Given partial accounts of Arctic Bay Co.:
Sales Revenue: $210,000
Service Revenue: $50,000
COGS: $90,000
Rent Expense: $9,000
Wage Expense: $28,000
Depreciation Expense: $22,000
Interest Expense: $5,000
Determine the debit to Income Summary for the closing entry.

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