Reference no: EM132894405

The income statement for the month of June, 2019 of Snap Shot, Inc. contains the following information:

Revenues $7,300

Expenses:

Salaries and Wages Expense $3,000

Rent Expense 1,300

Advertising Expense 700

Supplies Expense 200

Insurance Expense 100

Total expenses 5,300

Net income $2,000

Problem 1: The entry to close the expense accounts includes a

a) debit to Income Summary for $2,000.

b) credit to Rent Expense for $1,300.

c) credit to Income Summary for $5,300.

d) debit to Salaries and Wages Expense for $3,000.