The income statement for the month of June, 2021 of Kingbird Enterprises contains the following information: Revenues Expenses: $6890 Salaries and Wages $2880 Expense Rent Expense 1460 Advertising Expense 740 Supplies Expense 320 Insurance Expense 110 Total expenses 5510 Net income $1380 After the revenue and expense accounts have been closed, the balance in Income Summary will be O a credit balance of $6890. O a credit balance of $1380. O a debit balance of $1380. ○ $0.

The income statement for the month of June, 2021 of Kingbird Enterprises contains the following information: Revenues Expenses: $6890 Salaries and Wages $2880 Expense Rent Expense 1460 Advertising Expense 740 Supplies Expense 320 Insurance Expense 110 Total expenses 5510 Net income $1380 After the revenue and expense accounts have been closed, the balance in Income Summary will be O a credit balance of $6890. O a credit balance of $1380. O a debit balance of $1380. ○ $0.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 18MC: Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of...

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