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The income statement for the year 2020 of Blossom Co. contains the following information: Revenues $70900 Expenses: Salaries and Wages Expense $45400 Rent Expense 12500 Advertising Expense 10100 Supplies Expense 6300 Utilities Expense 2300 Insurance Expense 2000 Total expenses 78600 Net income (loss) $(7700) After all closing entries have been posted, the revenue account will have a balance of ○ $0. O $7700 credit. ○ $70900 credit. ○ $70900 debit.

The income statement for the year 2020 of Blossom Co. contains the following information: Revenues $70900 Expenses: Salaries and Wages Expense $45400 Rent Expense 12500 Advertising Expense 10100 Supplies Expense 6300 Utilities Expense 2300 Insurance Expense 2000 Total expenses 78600 Net income (loss) $(7700) After all closing entries have been posted, the revenue account will have a balance of ○ $0. O $7700 credit. ○ $70900 credit. ○ $70900 debit.

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 year 2020 of Blossom Co. contains the following information: Revenues $70900 Expenses: Salaries and Wages Expense $45400 Rent Expense 12500 Advertising Expense 10100 Supplies Expense 6300 Utilities Expense 2300 Insurance Expense 2000 Total expenses 78600 Net income (loss) $(7700) After all closing entries have been posted, the revenue account will have a balance of ○ $0. O $7700 credit. ○ $70900 credit. ○ $70900 debit.
Transcribed Image Text:The income statement for the year 2020 of Blossom Co. contains the following information: Revenues $70900 Expenses: Salaries and Wages Expense $45400 Rent Expense 12500 Advertising Expense 10100 Supplies Expense 6300 Utilities Expense 2300 Insurance Expense 2000 Total expenses 78600 Net income (loss) $(7700) After all closing entries have been posted, the revenue account will have a balance of ○ $0. O $7700 credit. ○ $70900 credit. ○ $70900 debit.
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