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Business, 19.05.2020 20:18 ydesoto0513

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 Laundry Service Revenue account includes a:

a. credit to Service Revenue for $7800.
b. debit to Income Summary for $7800.
c. debit to Retained Earnings for $7800.
d. debit to Service Revenue for $7800.

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Answers: 1

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The following information is from the Income Statement of the Vaughn Laundry Service:

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