The income statement for the year 2011 of Poole Co. contains the following infor

Question

The income statement for the year 2011 of Poole Co. contains the following information:
Revenues $70,000
Expenses:
Wages Expense $45,000
Rent Expense 12,000
Advertising Expense 6,000
Supplies Expense 6,000
Utilities Expense 2,500
Insurance Expense 2,000
Total expenses 73,500
Net income (loss) $(3,500)
The entry to close the expense accounts includes a
Answer

A. debit to Income Summary for $3,500.

B. credit to Income Summary for $3,500.

C. debit to Income Summary for $73,500.

D. debit to Wages Expense for $2,500.

Explanation / Answer

c. debit to Income Summary for $73,500.

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