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The income statement for the month of June, 2020 of Shamrock Inc. contains the following information: Revenues $6660 Expenses: Salaries and Wages Expense $2970 Rent Expense 1510 Advertising Expense 780 Supplies Expense 320 Insurance Expense 110 Total expenses 5690 Net income $970 After the revenue and expense accounts have been closed, the balance in Income Summary will be O a debit balance of $6660. O acredit balance of $6660. O a debit balance of $970.

The income statement for the month of June, 2020 of Shamrock Inc. contains the following information: Revenues $6660 Expenses: Salaries and Wages Expense $2970 Rent Expense 1510 Advertising Expense 780 Supplies Expense 320 Insurance Expense 110 Total expenses 5690 Net income $970 After the revenue and expense accounts have been closed, the balance in Income Summary will be O a debit balance of $6660. O acredit balance of $6660. O a debit balance of $970.

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, 2020 of Shamrock Inc. contains the following information: - **Revenues:** $6660 **Expenses:** - Salaries and Wages Expense: $2970 - Rent Expense: $1510 - Advertising Expense: $780 - Supplies Expense: $320 - Insurance Expense: $110 **Total Expenses:** $5690 **Net Income:** $970 **Question:** After the revenue and expense accounts have been closed, the balance in Income Summary will be: - ○ a debit balance of $6660. - ○ a credit balance of $6660. - ○ a debit balance of $970. - ○ a credit balance of $970.
Transcribed Image Text:The income statement for the month of June, 2020 of Shamrock Inc. contains the following information: - **Revenues:** $6660 **Expenses:** - Salaries and Wages Expense: $2970 - Rent Expense: $1510 - Advertising Expense: $780 - Supplies Expense: $320 - Insurance Expense: $110 **Total Expenses:** $5690 **Net Income:** $970 **Question:** After the revenue and expense accounts have been closed, the balance in Income Summary will be: - ○ a debit balance of $6660. - ○ a credit balance of $6660. - ○ a debit balance of $970. - ○ a credit balance of $970.
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