Question: Current Attempt in Progress The income statement for the year 2021 of Pearl Co. contains the following information: Revenues $70700 Expenses: Salaries and Wages Expense

Current Attempt in Progress The income statement for the year 2021 of Pearl Co. contains the following information: Revenues $70700 Expenses: Salaries and Wages Expense $44600 Rent Expense 12500 Advertising Expense 10000 Supplies Expense 6600 Utilities Expense 2600 Insurance Expense 2200 Total expenses 78500 Net income (loss) $(7800) After all closing entries have been posted, the Income Summary account will have a balance of $7800 credit. $0. $78500 credit. $7800 debit

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