The Income Statement for the Month of June 2016 of Snap

question 213

Multiple Choice

The income statement for the month of June 2016 of Snap Shot Inc. contains the following information: $\begin{array}{lr}\text { Revenues } &&\$7,300 \\\text { Expenses: } & \\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,300 \\\text { Advertising Expense } & 700 \\\text { Supplies Expense } & 200 \\\text { Insurance Expense } & 100 \\\quad \text { Total expenses } &&5,300 \\\text { Net income } &&\$2,000\end{array}$ The entry to close the expense accounts includes a

• A) debit to Income Summary for $2000.
• B) credit to Rent Expense for $1300.
• C) credit to Income Summary for $5300.
• D) debit to Salaries and Wages Expense for $3000.

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Definitions:

Marquis de Condorcet

A French philosopher, mathematician, and early political scientist who advocated for a liberal economy, free and equal public instruction, and the abolition of slavery.

Philosophe

A term used primarily to describe the intellectuals of the 18th-century Enlightenment, who sought to apply reason and scientific methods to all aspects of society and human life.

Terror

The use of extreme fear as a means of coercion, often involving violence and threats, to achieve certain ends such as political, religious, or ideological goals.

Directorate

refers to a form of government or a governing body, such as the five-member Directory that ruled France from 1795 to 1799 during the latter stages of the French Revolution.