question archive The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: Revenues $7,000 Expenses: Salaries and Wages Expense $3,000 Rent Expense 1,500 Advertising Expense 800 Supplies Expense 300 Insurance Expense 100 Total expenses 5,700 Net income $1,300 The entry to close the revenue account includes a
The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information: Revenues $7,000 Expenses: Salaries and Wages Expense $3,000 Rent Expense 1,500 Advertising Expense 800 Supplies Expense 300 Insurance Expense 100 Total expenses 5,700 Net income $1,300 The entry to close the revenue account includes a
Subject:AccountingPrice:2.87 Bought7
The income statement for the month of June, 2015 of Camera Obscura Enterprises contains the following information:
|
Revenues |
$7,000 |
|
Expenses: |
|
Salaries and Wages Expense |
$3,000 |
||
|
Rent Expense |
1,500 |
|
Advertising Expense |
800 |
|
Supplies Expense |
300 |
|
Insurance Expense |
100 |
|
Total expenses |
5,700 |
|
Net income |
$1,300 |
The entry to close the revenue account includes a
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Answer:
The revenue account of $7,000 will be closed as below:
Journal
|
Date |
Heads |
Post reference |
Debit |
Credit |
|
Revenue |
$7,000 |
|||
|
Income summary |
$7,000 |
|||
|
Revenue account is closed through income summary |
Income summary means income statement, where all revenues and expenses are recorded to get the net income.
