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The Following Information Is from the Income Statement of the Campus

Question 239

Multiple Choice

The following information is from the Income Statement of the Campus Laundry Service: The following information is from the Income Statement of the Campus Laundry Service: The entry to close the expense accounts includes a: A) credit to Income Summary for $3,550. B) debit to Income Summary for $3,550. C) debit to Salaries and Wages Expense for $2,450. D) credit to Retained Earnings for $3,550. The entry to close the expense accounts includes a:


A) credit to Income Summary for $3,550.
B) debit to Income Summary for $3,550.
C) debit to Salaries and Wages Expense for $2,450.
D) credit to Retained Earnings for $3,550.

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