The income statement for the year 2020 of Blue Co. contains the following information: Revenues $67800 Expenses: Salaries and Wages Expense $42800 Rent Expense 11900 Advertising Expense 10300 Supplies Expense 6600 Utilities Expense 2600 Insurance Expense 2000 Total expenses 76200 Net income (loss) $ (8400) After all closing entries have been posted, the Income Summary account will have a balance of $8400 debit. O $0. O $8400 credit. O $76200 credit.

The income statement for the year 2020 of Blue Co. contains the following information: Revenues $67800 Expenses: Salaries and Wages Expense $42800 Rent Expense 11900 Advertising Expense 10300 Supplies Expense 6600 Utilities Expense 2600 Insurance Expense 2000 Total expenses 76200 Net income (loss) $ (8400) After all closing entries have been posted, the Income Summary account will have a balance of $8400 debit. O $0. O $8400 credit. O $76200 credit.

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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