The Income Statement for the Month of June, 2011 of Taylor

Multiple Choice

The income statement for the month of June, 2011 of Taylor Enterprises contains the following information: $\begin{array}{lr}\text { Revenues }&&£7,000\\\text { Expenses: }\\\text { Wages Expense } & £ 2,000 \\\text { Rent Expense } & 1,000 \\\text { Supplies Expense } & 300 \\\text { Advertising Expense } & 200 \\\text { Insurance Expense } & 100\\\text { Total expenses }&&3,600\\\text { Net income (loss) }&&£(3,400) \end{array}$
The entry to close the expense accounts includes a

A) debit to Income Summary for $£ 3,400$ .
B) credit to Rent Expense for $£ 1,000$ ,
C) credit to Income Summary for $£ 3,600$ .
D) debit to Wages Expense for $£ 2,000$ .