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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff5c4e26-393e-4144-96a6-c66767e1a3e1%2Fec0a0c4c-34ae-4dd8-8069-bb803ecc94fc%2Frhsig1q_processed.jpeg&w=3840&q=75)
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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