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Question

The income statement for the year 2018 of Blue Co. contains the following

information:


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.

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