The Income Statement for the Month of June, 2018 of Camera

question 44

Multiple Choice

The income statement for the month of June, 2018 of Camera Obscura Enterprises contains the following information: $\begin{array}{lr}\text { Revenues }&&\$7,000\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,500 \\\text { Advertising Expense } & 800 \\\text { Supplies Expense } & 300 \\\text { Insurance Expense } & 100\\\text { Total expenses }&&5,700\\\text { Net income }&&\$1,300\end{array}$ The entry to close Income Summary to Retained Earnings includes

• A) a debit to Revenues for $7,000.
• B) credits to Expenses totalling $5,700.
• C) a credit to Income Summary for $1,300
• D) a credit to Retained Earnings for $1,300.

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