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The income statement for the month of June, 2012 of Camera Obscura Enterprises contains the following information: Revenues Expenses: Salaries and Wages Expense $3,000 $7,000 Rent Expense $1,000 Advertising Expense $800 Supplies Expense $300 Insurance Expense $100 Total expenses $5,200 Net income $1,800 The entry to close the expense accounts includes a: a. debit to Income Summary for $1,800. b. credit to Rent Expense for $1,000. c. credit to Income Summary for $5,200. d. debit to Wages Expense for $3,000

The income statement for the month of June, 2012 of Camera Obscura Enterprises contains the following information: Revenues Expenses: Salaries and Wages Expense $3,000 $7,000 Rent Expense $1,000 Advertising Expense $800 Supplies Expense $300 Insurance Expense $100 Total expenses $5,200 Net income $1,800 The entry to close the expense accounts includes a: a. debit to Income Summary for $1,800. b. credit to Rent Expense for $1,000. c. credit to Income Summary for $5,200. d. debit to Wages Expense for $3,000

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 income statement for the month of June, 2012 of Camera Obscura Enterprises contains the following information: Revenues Expenses: Salaries and Wages Expense $3,000 $7,000 Rent Expense $1,000 Advertising Expense $800 Supplies Expense $300 Insurance Expense $100 Total expenses $5,200 Net income $1,800 The entry to close the expense accounts includes a: a. debit to Income Summary for $1,800. b. credit to Rent Expense for $1,000. c. credit to Income Summary for $5,200. d. debit to Wages Expense for $3,000
Transcribed Image Text:The income statement for the month of June, 2012 of Camera Obscura Enterprises contains the following information: Revenues Expenses: Salaries and Wages Expense $3,000 $7,000 Rent Expense $1,000 Advertising Expense $800 Supplies Expense $300 Insurance Expense $100 Total expenses $5,200 Net income $1,800 The entry to close the expense accounts includes a: a. debit to Income Summary for $1,800. b. credit to Rent Expense for $1,000. c. credit to Income Summary for $5,200. d. debit to Wages Expense for $3,000
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