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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
Transcribed Image Text: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.
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