A company had revenue of $690,000, rent expense of $114,000, utility expense of

ID: 2373187 • Letter: A

Question

A company had revenue of $690,000, rent expense of $114,000, utility expense of $11,400, salary expense of $139,500, depreciation expense of $40,400, advertising expense of $41,600, dividends in the amount of $197,000, and an ending balance in retained earnings of $416,300. What is the appropriate journal entry to close income summary?

A. Income summary $343,100 Retained earnings $343,100 B. Retained earnings $343,100 Income summary $343,100 C. Income summary $146,100 Retained earnings $146,100 D. Retained earnings $146,100 Income summary $146,100 E. Income summary $346,900 Retained earnings $346,900

Explanation / Answer

Option C

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A company had revenue of $690,000, rent expense of $114,000, utility expense of

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