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The entry to close the expense accounts

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The entry to close the expense accounts 1. The income statement for the month of June, 2011 of Taylor Enterprises contains the following information: Revenues ₤7,000 Expenses: Wages Expense ₤2,000 Rent Expense 1,000 Supplies Expense 300 Advertising Expense 200 Insurance Expense 100 Total expenses 3,600 Net income ₤3,400 The entry to close the revenue account includes a a. debit to Income Summary for ₤3,400. b. credit to Income Summary for ₤3,400. c. debit to Income Summary for ₤7,000. d. credit to Income Summary for ₤7,000. 2. The income statement for the month of June, 2011 of Taylor Enterprises contains the following information: Revenues ₤7,000 Expenses: Wages Expense ₤2,000 Rent Expense 1,000 Supplies Expense 300 Advertising Expense 200 Insurance Expense 100 Total expenses 3,600 Net income ₤3,400 The entry to close the expense accounts includes a a. debit to Income Summary for ₤3,400. b. credit to Rent Expense for ₤1,000, c. credit to Income Summary for ₤3,600. d. debit to Wages Expense for ₤2,000. 3. The income statement for the month of June, 2011 of Taylor Enterprises contains the following information: Revenues ₤7,000 Expenses: Wages Expense ₤2,000 Rent Expense 1,000 Supplies Expense 300 Advertising Expense 200 Insurance Expense 100 Total expenses 3,600 Net income ₤3,400 After the revenue and expense accounts have been closed, the balance in Income Summary will be a. ₤0. b. a debit balance of ₤3,400. c. a credit balance of ₤3,400. d. a credit balance of ₤7,000. 4. The income statement for the month of June, 2011 of Taylor Enterprises contains the following information: Revenues ₤7,000 Expenses: Wages Expense ₤2,000 Rent Expense 1,000 Supplies Expense 300 Advertising Expense 200 Insurance Expense 100 Total expenses 3,600 Net income ₤3,400 The entry to close Income Summary to Retained Earnings includes a. a debit to Revenue for ₤7,000. b. credits to Expenses totalling ₤3,600. c. a credit to Income Summary for ₤3,400 d. a credit to Retained Earnings for ₤3,400. 5. The income statement for the month of June, 2011 of Taylor Enterprises contains the following information: Revenues ₤7,000 Expenses: Wages Expense ₤2,000 Rent Expense 1,000 Supplies Expense 300 Advertising Expense 200 Insurance Expense 100 Total expenses 3,600 Net income ₤3,400 At June 1, 2011, Taylor reported Retained Earnings of ₤35,000. The company paid no dividends during June. At June 30, 2011, the company will report Retained Earnings of a. ₤35,000. b. ₤42,000. c. ₤38,400. d. ₤31,600. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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