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Homework answers / question archive / The income statement for the year 2015 of Fugazi Co
The income statement for the year 2015 of Fugazi Co. contains the following information:Revenues$70,000Expenses:Salaries and Wages Expense$45,000Rent Expense12,000Advertising Expense10,000Supplies Expense6,000Utilities Expense2,500Insurance Expense2,000Total expenses77,500Net income (loss)$(7,500)The entry to close the expense accounts includes aSelect one:A. credit to Income Summary for $7,500.B. debit to Utilities Expense for $2,500.C. debit to Income Summary for $7,500.D. debit to Income Summary for $77,500.
