The following information is from the Income Statement of the Dirt Poor Laundry Service: - 17184

Solution Posted by
yousafbhutta

yousafbhutta

Rating : (28)C
Solution Detail
Price: $0.50
  • From: Business,
  • Posted on: Mon 06 May, 2013
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description

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

Revenues           
        Laundry Service Revenues            $5,500
Expenses           
        Wages expense    $1,450       
        Advertising expense    500       
        Rent expense    300       
        Supplies expense    200       
        Insurance expense    100       
        Total expenses            2,550
            Net income            $2,950

The entry to close the Income Summary includes a:
     credit to Common Stock for $2,950.
     credit to Income Summary for $2,950.
     debit to Income Summary for $2,950.
     debit to Retained Earnings for $2,950.
                                       

Solution Description

 

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

Revenues            
        Laundry Service Revenues            $5,500
Expenses            
   &nb