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Category > Accounting Posted 06 Aug 2017 My Price 9.00

Fugazi Co

The income statement for the year 2015 of Fugazi Co. contains the following information:

Revenues

  

$70,000

            

Expenses:
 

Salaries and Wages Expense

$45,000

  
 

Rent Expense

12,000

  
 

Advertising Expense

10,000

    
 

Supplies Expense

6,000

      
 

Utilities Expense

2,500

        
 

Insurance Expense

2,000

          
   

Total expenses

  

77,500

Net income (loss)

  

$(7,500)

            


The entry to close the expense accounts includes a

Select one:

A. credit to Income Summary for $7,500.

B. debit to Utilities Expense for $2,500.

C. debit to Income Summary for $7,500.

D. debit to Income Summary for $77,500.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 12:08 AM My Price 9.00

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