The income statement for the month of June, 2021 of Kingbird Enterprises contains the following information: Revenues Expenses: $6890 Salaries and Wages $2880 Expense Rent Expense 1460 Advertising Expense 740 Supplies Expense 320 Insurance Expense 110 Total expenses 5510 Net income $1380 After the revenue and expense accounts have been closed, the balance in Income Summary will be O a credit balance of $6890. O a credit balance of $1380. O a debit balance of $1380. ○ $0.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The income statement for the month of June, 2021 of Kingbird Enterprises contains the following information:
Revenues
Expenses:
$6890
Salaries and Wages
$2880
Expense
Rent Expense
1460
Advertising Expense
740
Supplies Expense
320
Insurance Expense
110
Total expenses
5510
Net income
$1380
After the revenue and expense accounts have been closed, the balance in Income Summary will be
O a credit balance of $6890.
O a credit balance of $1380.
O a debit balance of $1380.
○ $0.
Transcribed Image Text:The income statement for the month of June, 2021 of Kingbird Enterprises contains the following information: Revenues Expenses: $6890 Salaries and Wages $2880 Expense Rent Expense 1460 Advertising Expense 740 Supplies Expense 320 Insurance Expense 110 Total expenses 5510 Net income $1380 After the revenue and expense accounts have been closed, the balance in Income Summary will be O a credit balance of $6890. O a credit balance of $1380. O a debit balance of $1380. ○ $0.
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