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The following information is from the Income Statement of the Vaughn Laundry Service:


Revenues
Service Revenues $5070
Expenses
Salaries and wages expense $ 1910
Advertising expense 390
Rent expense 230
Supplies expense 160
Insurance expense 80
Total expenses 2770
Net income $2300

The entry to close the expense accounts includes a:

Respuesta :

Answer:

Debit to income summary account = $2,770

Explanation:

The journal entry to close the expense account is shown below:

Income summary A/c Dr $2,770

   To Salaries and wages expense     $1,910

   To Advertising expense                   $390

   To Rent expense                              $ 230

   To Supplies expense                        $160

   To insurance expense                       $80

(Being expense accounts are closed)

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