The Income Statement for the Year 2015 of Fugazi Co

Multiple Choice

The income statement for the year 2015 of Fugazi Co. contains the following information: $\begin{array}{lr}\text { Revenues }&&\$70,000\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 45,000 \\\text { Rent Expense } & 12,000 \\\text { Advertising Expense } & 10,000 \\\text { Supplies Expense } & 6,000 \\\text { Utilities Expense } & 2,500 \\\text { Insurance Expense } & 2,000 \\\text { Total expenses }&&77,500\\\text { Net income (loss) }&&\$(7,500) \end{array}$ The entry to close the expense accounts includes a

A) debit to Income Summary for $7,500.
B) credit to Income Summary for $7,500.
C) debit to Income Summary for $77,500.
D) debit to Utilities Expense for $2,500.