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The entry to close the expense accounts includes a * The income statement for the year 2008 of Nova Co contains the following information: P70,000 Revenues Expenses: Wages Expense P45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense 6,000 Ubities Expense 2,500 Insurance Expense 2.000 Total expenses Net income (lasa) 73,500 P(3.500) debit to Income Summary for P3,500. credit to Income Summary for P3,500. debit to Income Summary for P73,500. O debit to Wages Expense for P2,500.

The entry to close the expense accounts includes a * The income statement for the year 2008 of Nova Co contains the following information: P70,000 Revenues Expenses: Wages Expense P45,000 Rent Expense 12,000 Advertising Expense 6,000 Supplies Expense 6,000 Ubities Expense 2,500 Insurance Expense 2.000 Total expenses Net income (lasa) 73,500 P(3.500) debit to Income Summary for P3,500. credit to Income Summary for P3,500. debit to Income Summary for P73,500. O debit to Wages Expense for P2,500.

FINANCIAL ACCOUNTING
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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The entry to close the expense accounts includes a The income statement for the year 2008 of Nova Co contains the following information: P70,000 Revenues Expenses: Wages Expense P45,000 Rent Expense 12,000 Advertising Expensa 6,000 Supplies Expenso 6,000 Ublities Expense 2,500 Insurance Expenise 2.000 Total expenses Net income (lasa) 73,500 P(3.500) debit to Income Summary for P3,500. O credit to Income Summary for P3,500. O debit to Income Summary for P73,500. O debit to Wages Expense for P2,500.
Transcribed Image Text:The entry to close the expense accounts includes a The income statement for the year 2008 of Nova Co contains the following information: P70,000 Revenues Expenses: Wages Expense P45,000 Rent Expense 12,000 Advertising Expensa 6,000 Supplies Expenso 6,000 Ublities Expense 2,500 Insurance Expenise 2.000 Total expenses Net income (lasa) 73,500 P(3.500) debit to Income Summary for P3,500. O credit to Income Summary for P3,500. O debit to Income Summary for P73,500. O debit to Wages Expense for P2,500.
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