Multiple Choice Question 76

The income statement for the month of June, 2018 of Riverbed Enterprises contains the following information:

Revenues		$6880
Expenses:
Salaries and Wages Expense	$3030
Rent Expense	1470
Advertising Expense	730
Supplies Expense	320
Insurance Expense	90
Total expenses		5640
Net income		$1240

The entry to close the expense accounts includes a

debit to Income Summary for $1240.

credit to Rent Expense for $1470.

credit to Income Summary for $5640.

debit to Salaries and Wages Expense for $3030.