The income statement for the month of June, 2021 of Camera Obscura Enterprises contains the following information: 
The entry to close the expense accounts includes a
A) debit to Income Summary for $1,300.
B) credit to Rent Expense for $1,500.
C) credit to Income Summary for $5,700.
D) debit to Salaries and Wages Expense for $3,000.
Correct Answer:
Verified
Q33: Both IFRS and GAAP require disclosures about
A)accounting
Q34: Closing the dividends account to Retained Earnings
Q35: Current assets are customarily the first items
Q36: Which of the following companies would be
Q37: The income summary account
A)is a permanent account.
B)appears
Q39: The purpose of the post-closing trial balance
Q40: If errors occur in the recording process,
Q41: All of the following are property, plant,
Q42: The following items are taken from the
Q43: Income Summary has a credit balance of
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