The income statement for the month of June, 2021 of Vaughn Enterprises contains the following information: Revenues Expenses: Salaries and Wages Expense $3010 $7080 Rent Expense 1520 Advertising Expense 720 Supplies Expense 270 Insurance Expense 90 Total expenses 5610 Net income $1470 The entry to close the expense accounts includes as part of the entry O credit to Rent Expense for $1520. O debit to Salaries and Wages Expense for $3010. O credit to Income Summary for $5610. O debit to Income Summary for $1470.

The income statement for the month of June, 2021 of Vaughn Enterprises contains the following information: Revenues Expenses: Salaries and Wages Expense $3010 $7080 Rent Expense 1520 Advertising Expense 720 Supplies Expense 270 Insurance Expense 90 Total expenses 5610 Net income $1470 The entry to close the expense accounts includes as part of the entry O credit to Rent Expense for $1520. O debit to Salaries and Wages Expense for $3010. O credit to Income Summary for $5610. O debit to Income Summary for $1470.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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