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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
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, 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.
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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