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The Income Statement for the Year 2021 of Fugazi Co

Question 167

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 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. 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.

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