The income statement for the year 2020 of Blue Co. contains the following information: Revenues $67800 Expenses: Salaries and Wages Expense $42800 Rent Expense 11900 Advertising Expense 10300 Supplies Expense 6600 Utilities Expense 2600 Insurance Expense 2000 Total expenses 76200 Net income (loss) $ (8400) After all closing entries have been posted, the Income Summary account will have a balance of $8400 debit. O $0. O $8400 credit. O $76200 credit.

The income statement for the year 2020 of Blue Co. contains the following information: Revenues $67800 Expenses: Salaries and Wages Expense $42800 Rent Expense 11900 Advertising Expense 10300 Supplies Expense 6600 Utilities Expense 2600 Insurance Expense 2000 Total expenses 76200 Net income (loss) $ (8400) After all closing entries have been posted, the Income Summary account will have a balance of $8400 debit. O $0. O $8400 credit. O $76200 credit.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 9Q: After the first two closing entries are made, Income Summary has a credit balance of $125,500. What...

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