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.

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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