The following information is from the Income Statement of the Campus Laundry Service: The entry to close the expense accounts includes a:
A)credit to Income Summary for $3,550.
B)debit to Income Summary for $3,550.
C)debit to Salaries and Wages Expense for $2,450.
D)credit to Retained Earnings for $3,550.

Question

The following information is from the Income Statement of the Campus Laundry Service:  The entry to close the expense accounts includes a:
A)credit to Income Summary for $3,550. 
B)debit to Income Summary for $3,550. 
C)debit to Salaries and Wages Expense for $2,450. 
D)credit to Retained Earnings for $3,550.

Quizplus · Accepted Answer

The Answer of The following information is from the Income Statement of the Campus Laundry Service:  The entry to close the expense accounts includes a:
A)credit to Income Summary for $3,550. 
B)debit to Income Summary for $3,550. 
C)debit to Salaries and Wages Expense for $2,450. 
D)credit to Retained Earnings for $3,550.

The Following Information Is from the Income Statement of the Campus