The income statement for the year 2021 of Grouper Co. contains the following information: Revenues $71000...
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The income statement for the year 2021 of Grouper Co. contains the following information: Revenues $71000 Expenses: Salaries and Wages Expense $43500 Rent Expense 12500 Advertising Expense 10400 Supplies Expense 5800 Utilities Expense 2500 Insurance Expense 1800 Total expenses Net income (loss) The entry to close the expense accounts includes a Odebit to Income Summary for $5500. O credit to Income Summary for $5500. Odebit to Income Summary for $76500. debit to Utilities Expense for $2500. 76500 $ (5500) The income statement for the year 2021 of Grouper Co. contains the following information: Revenues $71000 Expenses: Salaries and Wages Expense $43500 Rent Expense 12500 Advertising Expense 10400 Supplies Expense 5800 Utilities Expense 2500 Insurance Expense 1800 Total expenses Net income (loss) The entry to close the expense accounts includes a Odebit to Income Summary for $5500. O credit to Income Summary for $5500. Odebit to Income Summary for $76500. debit to Utilities Expense for $2500. 76500 $ (5500)
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Answer debit to income summary for 76500 Explanation Gener... View the full answer
Related Book For
Principles of Accounting
ISBN: 978-0618736614
10th edition
Authors: Belverd Needles, Marian Powers, Susan Crosson
Posted Date:
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