The income statement for the month of June 2018 of Sandhill Enterprises contains the following information: Revenues $6,980 Expenses: Salaries and Wages Expense $3,030 Rent Expense 1,560 Advertising Expense 730 Supplies Expense 290 Insurance Expense 110 Total expenses 5,720 $1,260 Net income The entry to close Income Summary to Retained Earnings includes: a. a credit to Retained Earnings for $1,260. b. a debit to Revenues for $6,980. c. credits to Expenses totaling $5,720. d. a credit to Income Summary for $1,260.

The income statement for the month of June 2018 of Sandhill Enterprises contains the following information: Revenues $6,980 Expenses: Salaries and Wages Expense $3,030 Rent Expense 1,560 Advertising Expense 730 Supplies Expense 290 Insurance Expense 110 Total expenses 5,720 $1,260 Net income The entry to close Income Summary to Retained Earnings includes: a. a credit to Retained Earnings for $1,260. b. a debit to Revenues for $6,980. c. credits to Expenses totaling $5,720. d. a credit to Income Summary for $1,260.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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