The entry to close the expense accounts includes a O debit to Income Summary for $7500. O credit to Income Summary for $7500. O debit to Income Summary for $77500. O debit to Utilities Expense for $2500.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The entry to close the expense accounts includes a
debit to Income Summary for $7500.
O credit to Income Summary for $7500.
O debit to Income Summary for $77500.
O debit to Utilities Expense for $2500.
Transcribed Image Text:The entry to close the expense accounts includes a debit to Income Summary for $7500. O credit to Income Summary for $7500. O debit to Income Summary for $77500. O debit to Utilities Expense for $2500.
D
The income statement for the year 2021 of Fugazi Co. contains the following information:
Revenues
Expenses:
Salaries and Wages Expense
Rent Expense
Advertising Expense
Supplies Expense
Utilities Expense
Insurance Expense
Total expenses
Net income (loss)
$45000
12000
10000
6000
2500
2000
$70000
77500
$(7500)
Transcribed Image Text:D The income statement for the year 2021 of Fugazi Co. contains the following information: Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $45000 12000 10000 6000 2500 2000 $70000 77500 $(7500)
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