The Income Statement for the Month of June, 2011 of Taylor

question 15

Multiple Choice

The income statement for the month of June, 2011 of Taylor Enterprises contains the following information: $\begin{array}{lr}\text { Revenues }&&£7,000\\\text { Expenses: }\\\text { Wages Expense } & £ 2,000 \\\text { Rent Expense } & 1,000 \\\text { Supplies Expense } & 300 \\\text { Advertising Expense } & 200 \\\text { Insurance Expense } & 100\\\text { Total expenses }&&3,600\\\text { Net income }&&£(3,400) \end{array}$
The entry to close the revenue account includes a

• A) debit to Income Summary for \( £ 3,400 \).
• B) credit to Income Summary for \( £ 3,400 \).
• C) debit to Income Summary for \( £ 7,000 \).
• D) credit to Income Summary for \( € 7,000 \).

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Definitions:

Second Great Awakening

A Protestant religious revival during the early 19th century in the United States, which led to the formation of new denominations and a strong sense of social reform.

Denominational Institutions

Denominational institutions refer to organizations, including schools and hospitals, affiliated with a religious denomination.

Ann Lee

The founder and leader of the Shakers, a religious movement known for its celibate and communal lifestyle, pacifism, and simple living. Ann Lee emigrated from England to New York in 1774.

Gender Equality

The state in which access to rights or opportunities is unaffected by gender, advocating for the same treatment and opportunities for all genders.