The income statement for the month of June, 2020 of Novak, Inc. contains the following informa Revenues $6980 Expenses: Salaries and Wages Expense $3030 Rent Expense 1560

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The entry to close income summary to owner's, capital includes 

The income statement for the month of June, 2020 of Novak, Inc. contains the following information:
Revenues
$6980
Expenses:
Salaries and Wages Expense
$3030
Rent Expense
1560
Advertising Expense
730
Supplies Expense
290
Insurance Expense
110
Total expenses
5720
Net income
$1260
The entry to close Income Summary to Owner's, Capital includes
a debit to Revenues for $6980.
credits to Expenses totalling $5720.
a credit to Income Summary for $1260.
a credit to Owner's Capital for $1260.
Transcribed Image Text:The income statement for the month of June, 2020 of Novak, Inc. contains the following information: Revenues $6980 Expenses: Salaries and Wages Expense $3030 Rent Expense 1560 Advertising Expense 730 Supplies Expense 290 Insurance Expense 110 Total expenses 5720 Net income $1260 The entry to close Income Summary to Owner's, Capital includes a debit to Revenues for $6980. credits to Expenses totalling $5720. a credit to Income Summary for $1260. a credit to Owner's Capital for $1260.
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