The income statement for the year 2013 of Fugazi Co. contains the following information: Revenues $70,000Expenses: Salaries and Wages Expense$45,000 Rent Expense12,000 Advertising Expense8,000 Supplies Expense6,000 Utilities...
petrlyThe income statement for the year 2013 of Fugazi Co. contains the following information:
| Revenues | $70,000 | |||
| Expenses: | ||||
| Salaries and Wages Expense | $45,000 | |||
| Rent Expense | 12,000 | |||
| Advertising Expense | 8,000 | |||
| Supplies Expense | 6,000 | |||
| Utilities Expense | 2,500 | |||
| Insurance Expense | 2,000 | |||
| Total expenses | 75,500 | |||
| Net income (loss) | ($5,500) | |||
The entry to close Income Summary to Retained Earnings includes
[removed] | a debit to Revenue for $70,000. |
[removed] | a credit to Retained Earning for $5,500. |
[removed] | credits to Expenses totalling $75,500. |
[removed] | a credit to Income Summary for $5,500. |
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