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

question 78

Multiple Choice

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

• A) debit to Income Summary for \( £ 3,400 \).
• B) credit to Rent Expense for \( £ 1,000 \),
• C) credit to Income Summary for \( £ 3,600 \).
• D) debit to Wages Expense for \( £ 2,000 \).

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Definitions:

Lens

A piece of transparent material, such as glass or plastic, that bends light rays to form an image on a camera sensor or the retina of the eye.

Aqueous Humor

A clear fluid that fills the space in the front part of the eye, helping to maintain pressure and refract light.

Anterior Chamber

The anterior chamber is the fluid-filled space inside the eye between the cornea and the iris.

Vitreous Humor

A jelly-like substance that fills the part of the eye behind the lens and helps the eye keep its shape.