Question

2:29 PM Sun Sep 20 1.11% 14 < T T + : 0 The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: $7,000 Revenues Expenses Salaries and Wages Expense $3,000 Rent Expense 1,500 Advertising Expense 800 Supplies Expense 300 Insurance Expense 100 Total expenses Net income 5,700 $1,300 26) What is the journal entry to close the revenue account to Income Summary? 27) What is the journal entry to close the expense accounts to Income Summary? 28) What is the journal entry to close Income Summary to Retained Earnings?

Answer 1

	Account Title	Debit	Credit
26)	Revenue	$7,000	-
	Income Summary	-	$7,000
27)	Income Summary	$5,700	-
	Salaries and wages expense	-	$3,000
	Rent expense	-	$1,500
	Advertising expense	-	$800
	Supplies expense	-	$300
	Insurance expense	-	$100
28)	Income Summary	$1,300	-
	Retained Earnings	-	$1,300