The Income Statement for the Month of June, 2022 of Snap

question 148

Multiple Choice

The income statement for the month of June, 2022 of Snap Shot, Inc. contains the following information: $\begin{array}{lr}\text { Revenues }&&\$7,300\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,300 \\\text { Advertising Expense } & 700 \\\text { Supplies Expense } & 200 \\\text { Insurance Expense } & 100 \\\text { Total expenses }&&5,300\\\text { Net income (loss) }&&\$2,000\end{array}$ The entry to close the expense accounts includes a

• A) debit to Income Summary for $2,000.
• B) credit to Rent Expense for $1,300.
• C) credit to Income Summary for $5,300.
• D) debit to Salaries and Wages Expense for $3,000.

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Definitions:

Primary Category

The main or first-level classification used in sorting and organizing data, objects, or concepts.

Diversity

The inclusion of individuals with a variety of characteristics, such as race, gender, age, religion, cultural background, and more, within a group or organization.

Marital Status

A legal term used to describe the formal recognition of a person's relationship in society, such as single, married, divorced, or widowed.

Secondary Category

A classification level below the primary category, used to further organize, differentiate, or specify items within a larger grouping or system.