The income statement for the year 2011 of Poole Co. contains the following infor

Question

The income statement for the year 2011 of Poole Co. contains the following information:
Revenues $70,000
Expenses:
Wages Expense $45,000
Rent Expense 12,000
Advertising Expense 6,000
Supplies Expense 6,000
Utilities Expense 2,500
Insurance Expense 2,000
Total expenses 73,500
Net income (loss) $(3,500)

The entry to close Income Summary to Retained Earnings includes
Answer

A. a debit to Revenue for $70,000.

B. credits to Expenses totalling $73,500.

C. a credit to Income Summary for $3,500.

D. a credit to Retained Earnings for $3,500.

Explanation / Answer

b

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