The Income Statement for the Month of June 2016 of Snap

question 9

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 Income Summary to Owner's Capital includes

• A) a debit to Revenues for $7300.
• B) credits to Expenses totalling $5300.
• C) a credit to Income Summary for $2000
• D) a credit to Owner's Capital for $2000.