CLOSING E Use the following to answer questions 20-24: statement for the year 2011 of Poole Co. contains the following information The income Revenues Expenses: $70,000 Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense $45,000 12,000 6,000 6,000 2,500 Total expenses Net income (loss) S(3.500) 20. The entry to close the revenue account includes a A) B) C) D) debit to Income Summary for $3,500. credit to Income Summary for $3,500. debit to Revenues for $70,000. credit to Revenues for $70,000. 21. The entry to close the expense accounts includes a A) B) C) D) debit to Income Summary for $3,500. credit to Income Summary for $3,500. debit to Income Summary for $73,500. debit to Wages Expense for $2,500. After the revenue and expense accounts have been closed, the balance in Income Summary will be A) $0. B) a debit balance of $3,500. C) a credit balance of $3,500. D) a credit balance of $70,000. 22. 23The entry to close Income Summary to Retained Earnings includes A) a debit to Revenue for $70,000 B) credits to Expenses totalling $73,500. C) a credit to Income Summary for $3,500. D) a credit to Retained Earnings for $3,500