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The Income Statement for the Year 2021 of Fugazi Co

Question 176

Multiple Choice

The income statement for the year 2021 of Fugazi Co.contains the following information: The income statement for the year 2021 of Fugazi Co.contains the following information: The entry to close the revenue account includes a A) debit to Income Summary for $7,500. B) credit to Income Summary for $7,500. C) debit to Revenues for $70,000. D) credit to Revenues for $70,000. The entry to close the revenue account includes a


A) debit to Income Summary for $7,500.
B) credit to Income Summary for $7,500.
C) debit to Revenues for $70,000.
D) credit to Revenues for $70,000.

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