Ask Question
15 October, 09:20

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

Revenues

Service Revenues $5070

Expenses

Salaries and wages expense $ 1910

Advertising expense 390

Rent expense 230

Supplies expense 160

Insurance expense 80

Total expenses 2770

Net income $2300

The entry to close the expense accounts includes a:

+2
Answers (1)
  1. 15 October, 10:26
    0
    Debit to income summary account = $2,770

    Explanation:

    The journal entry to close the expense account is shown below:

    Income summary A/c Dr $2,770

    To Salaries and wages expense $1,910

    To Advertising expense $390

    To Rent expense $ 230

    To Supplies expense $160

    To insurance expense $80

    (Being expense accounts are closed)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The following information is from the Income Statement of the Vaughn Laundry Service: Revenues Service Revenues $5070 Expenses Salaries and ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers