The income statement for the year 2018 of Blue Co. contains the following
Revenues $71100Expenses: Salaries and Wages Expense$45400 Rent Expense11700 Advertising Expense10200 Supplies Expense5500 Utilities Expense2300 Insurance Expense2000 Total expenses 77100Net income (loss) $ (6000)
The entry to close Income Summary to Retained Earnings includes
a credit to Retained Earnings for $6000.
a credit to Income Summary for $6000.
a debit to Revenue for $71100.
credits to Expenses totalling $77100.