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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working

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.
Expert Solution
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