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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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