Use This Information from the Income Statement Columns of the Work

question 5

Multiple Choice

Use this information from the Income Statement columns of the work sheet of Corner Laundry Service to answer the following question. $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text {Income Statement }$
$\begin{array}{|l|r|r|}\hline&\text { Debit }& \text { Credit }\\ \hline \text { Laundry Revenue } & & 2,500 \\\hline \text { Wages Expense } & 750 & \\\hline \text { Rent Expense } & 500 & \\\hline \text { Supplies Expense } & 300 & \\\hline \text { Insurance Expense } & 200 & \\\hline \text { Income Taxes Expense } & 50 & \\\hline & 1,800 & 2,500 \\ \text { Net Income } & 700 & \\\hline & 2,500 & 2,500 \\\hline\end{array}$
The entry to close the expense accounts includes a

• A)
• \(\begin{array}{llr}
• \text { All Expenses } &1,800\\
• \text { Retained Earnings } &&1,800\\
• \end{array}\)
• B)
• \(\begin{array}{llr}
• \text { All Expenses } &1,800\\
• \text { Income Summary} &&1,800\\
• \end{array}\)
• C)
• \(\begin{array}{lll}
• \text { Income Summary } & 1,800 \\
• \text { All Expenses } && 1,800
• \end{array}\)
• D)
• \(\begin{array}{rrr}
• \text { Retained Earnings } & 1,800 \\
• &\text { All Expenses } & 1,800
• \end{array}\)

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