The Income Statement for the Month of June, 2022 of Snap

Multiple Choice

The income statement for the month of June, 2022 of Snap Shot, Inc. contains the following information: $\begin{array}{lr}\text { Revenues }&&\$7,300\\\text { Expenses: }\\\text { Salaries and Wages Expense } & \$ 3,000 \\\text { Rent Expense } & 1,300 \\\text { Advertising Expense } & 700 \\\text { Supplies Expense } & 200 \\\text { Insurance Expense } & 100 \\\text { Total expenses }&&5,300\\\text { Net income (loss) }&&\$2,000\end{array}$ The entry to close Income Summary to Owner's Capital includes

A) a debit to Revenues for $7,300.
B) credits to Expenses totalling $5,300.
C) a credit to Income Summary for $2,000
D) a credit to Owner's Capital for $2,000.