The income statement for the year 2020 of Tamarisk Co.contains the following information: Revenues $ 70200 Expenses: Salaries and Wages Expense $ 45100 Rent Expense 12000 Advertising Expense 9700 Supplies Expense 5400 Utilities Expense 2500 Insurance Expense 2100 Total expenses 76800 Net income (loss) 6600) The entry to close the revenue account includes a O credit to Income Summary for $ 6600. O debit to Revenues for $ 70200. O debit to Income Summary for $ 6600. O credit to Revenues for $ 70200.
The income statement for the year 2020 of Tamarisk Co.contains the following information: Revenues $ 70200 Expenses: Salaries and Wages Expense $ 45100 Rent Expense 12000 Advertising Expense 9700 Supplies Expense 5400 Utilities Expense 2500 Insurance Expense 2100 Total expenses 76800 Net income (loss) 6600) The entry to close the revenue account includes a O credit to Income Summary for $ 6600. O debit to Revenues for $ 70200. O debit to Income Summary for $ 6600. O credit to Revenues for $ 70200.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The income statement for the year 2020 of Tamarisk Co. contains the following information:
$ 70200
Revenues
Expenses:
Salaries and Wages Expense
$ 45100
Rent Expense
12000
Advertising Expense
9700
Supplies Expense
5400
Utilities Expense
2500
Insurance Expense
2100
Total expenses
76800
Net income (loss)
6600)
The entry to close the revenue account includes a
O credit to Income Summary for $ 6600.
O debit to Revenues for $ 70200.
O debit to Income Summary for $ 6600.
O credit to Revenues for $ 70200.
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