The income statement for the year 2015 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.

Question

The income statement for the year 2015 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.

Quizplus · Accepted Answer

The Answer of The income statement for the year 2015 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 Income Statement for the Year 2015 of Fugazi Co