Question

$2.00 The income statement for the month of June, 2010 of Ramirez Enterprises contains the following

Found in Business: Accounting
Chapter 1, # 0
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Q:

The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:

Revenues

    

$7,000

Expenses:

      
 

Wages Expense

$2,000

    
 

Rent Expense

1,000

    
 

Supplies Expense

300

    
 

Advertising Expense

200

    
 

Insurance Expense

100

    
   

Total expenses

    

3,600

Net income

    

$3,400


The entry to close the revenue account includes a

credit to Income Summary for $7,000.

debit to Income Summary for $3,400.

credit to Income Summary for $3,400.

debit to Income Summary for $7,000.
 

Tutorial
 
$2.00
The income statement for the month of June, 2010 of Ramirez Enterprises contains the following
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  • Posted on Nov. 30, 2011 at 11:14:44AM
A:
Preview: ...   Insurance Expense 100         Total expenses     3,600 Net income     $3,400 The entry to close the revenue acco ...
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