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The following information is from the Income Statement of the Vaughn Laundry Service: Revenues Service Revenues $7800 Expenses Salaries and wages expense $ 2940 Advertising expense 600 Rent expense 360 Supplies expense 240 Insurance expense 120 Total expenses 4260 Net income $3540 The entry to close the expense accounts includes a: credit to Income Summary for $4260. debit to Income Summary for $4260. credit to Retained Earnings for $4260. debit to Salaries and Wages Expense for $2940

Respuesta :

ayokenny2001

Answer:

Debit to income summary for $4,260

Explanation:

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

Income summary A/C Dr $4,260

To Salaries and wages expense $2,940

To advertising expense

$600

To rent expense

$360

To supplies expense

$240

To Insurance expense

$120

(Being expense accounts that are close)

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