73,000 The income statement for the year 2020 of Bugati Co. contains the following information:...
50.1K
Verified Solution
Link Copied!
Question
Accounting
73,000 The income statement for the year 2020 of Bugati Co. contains the following information: Revenues Expenses Salaries and wages expense 43,000 Rent expense 12,000 Advertising expense 11,000 Supplies expense 6,000 Utilities expense 3,500 Insurance expense 4,000 Total expenses Net income (loss) 79,500 (6,500) The entry to close revenues to income summary includes: O A. A debit to revenue for $73,000 OB. A credit to income summary for $6,500 OC. Credits to expenses totaling $79,500 D. A credit to owner's capital for $6,500
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
