Income statement for the month of June 2014 of Taylor Enterprises contains the following information: total Revenues £8,000, total expenses £4100, and net Income £3900 The entry to close the revenue account includes a debit to Income Summary for £3,900. credit to Income Summary for £3,900.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The income statement for the
month of June 2014 of Taylor
Enterprises contains the following
information: total Revenues
£8,000, total expenses £4100, and
net Income £3900
The entry to close the revenue
account includes a
debit to Income Summary for
£3,900.
credit to Income Summary for
£3,900.
Transcribed Image Text:The income statement for the month of June 2014 of Taylor Enterprises contains the following information: total Revenues £8,000, total expenses £4100, and net Income £3900 The entry to close the revenue account includes a debit to Income Summary for £3,900. credit to Income Summary for £3,900.
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