Question

The following information is from the Income Statement of the Swifty Laundry Service:

Revenues
Service Revenues $4810
Expenses Salaries and wages expense $ 1810
Advertising expense 370
Rent expense 220
Supplies expense 150
Insurance expense 70
Total expenses 2620
Net income $2190
The entry to close the expense accounts includes a:___________

Answer 1

Debit to income summary account $2,620

Step-by-step explanation:

With regards to the above, the journal entry close to expense account is seen below;

Income summary account Dr $2,620

To salaries and wages expenses

$1,810

To advertising expense

$370

To rent expense

$220

To supplies expense

$150

To insurance expense

$70

(Being expense accounts that are closed)