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The income statement for the year 2020 of Bonita Co. contains the following information: Revenues $70700 Expenses: Salaries and Wages Expense $44800 Rent Expense 12400 Advertising Expense 9900 Supplies Expense 5600 Utilities Expense 2400 Insurance Expense 2100 Total expenses 77200 Net income (loss) $ (6500) The entry to close Income Summary to Owner's Capital includes O a credit to Owner's Capital for $6500. credits to Expenses totalling $77200. O a debit to Revenue for $70700. a credit to Income Summary for $6500.

The income statement for the year 2020 of Bonita Co. contains the following information: Revenues $70700 Expenses: Salaries and Wages Expense $44800 Rent Expense 12400 Advertising Expense 9900 Supplies Expense 5600 Utilities Expense 2400 Insurance Expense 2100 Total expenses 77200 Net income (loss) $ (6500) The entry to close Income Summary to Owner's Capital includes O a credit to Owner's Capital for $6500. credits to Expenses totalling $77200. O a debit to Revenue for $70700. a credit to Income Summary for $6500.

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 Bonita Co. contains the following information: Revenues $70700 Expenses: Salaries and Wages Expense $44800 Rent Expense 12400 Advertising Expense 9900 Supplies Expense 5600 Utilities Expense 2400 Insurance Expense 2100 Total expenses 77200 Net income (loss) $ (6500) The entry to close Income Summary to Owner's Capital includes O a credit to Owner's Capital for $6500. credits to Expenses totalling $77200. O a debit to Revenue for $70700. a credit to Income Summary for $6500.
Transcribed Image Text:The income statement for the year 2020 of Bonita Co. contains the following information: Revenues $70700 Expenses: Salaries and Wages Expense $44800 Rent Expense 12400 Advertising Expense 9900 Supplies Expense 5600 Utilities Expense 2400 Insurance Expense 2100 Total expenses 77200 Net income (loss) $ (6500) The entry to close Income Summary to Owner's Capital includes O a credit to Owner's Capital for $6500. credits to Expenses totalling $77200. O a debit to Revenue for $70700. a credit to Income Summary for $6500.
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