The Income Statement Debit Column of the Worksheet Showed the Following

question 74

Multiple Choice

The income statement debit column of the worksheet showed the following expenses: $$\begin{array} { l | r } \hline \text { Supplies Expense } & \$ 600 \\\hline \text { Depreciation Expense } & 400 \\\hline \text { Salaries Expense } & 300 \\\hline\end{array}$$ The journal entry to close the expense accounts is:

• A) \[\begin{array}{l}
• \begin{array} { r | r | }
• \hline \text { Income Summary }& 1,300 \\
• \hline \text { Supplies Expense } & 600 \\
• \hline \text { Depreciation Expense } & 400 \\
• \hline \text { Salaries Expense } & 300 \\
• \hline
• \end{array}
• \end{array}\]
• B) \[\begin{array} { | c | l | }
• \hline \text { Income Summary} & 1,200 \\
• \hline \text { Capital} & 1,200 \\
• \hline
• \end{array}\]
• C) \(\begin{array}{|l|lcc|}
• \hline\text { Supplies Expense } &500 \\
• \hline \text { Depreciation Expense } &400\\
• \hline\text { Salaries Expense } &300\\
• \hline \quad\quad\quad\text { Income Summary } &\quad\quad\quad\quad1,200\\
• \hline
• \end{array}\)
• D) \(\begin{array}{|l|lcc|}
• \hline \text { Capital }& 1,200 \\
• \hline\quad\quad\quad\quad\text { Income Summary } &\quad\quad\quad\quad1,200\\
• \hline
• \end{array}\)