The following information is from the Income Statement of the Dirt Poor Laundry Service: The entry to close the expense accounts includes a:
A) credit to Income Summary for $3,050.
B) debit to Income Summary for $3,050.
C) debit to Salaries and Wages Expense for $1,950.
D) credit to Retained Earnings for $3,050.

Question

The following information is from the Income Statement of the Dirt Poor Laundry Service:  The entry to close the expense accounts includes a:
A) credit to Income Summary for $3,050. 
B) debit to Income Summary for $3,050. 
C) debit to Salaries and Wages Expense for $1,950. 
D) credit to Retained Earnings for $3,050.

Quizplus · Accepted Answer

The Answer of The following information is from the Income Statement of the Dirt Poor Laundry Service:  The entry to close the expense accounts includes a:
A) credit to Income Summary for $3,050. 
B) debit to Income Summary for $3,050. 
C) debit to Salaries and Wages Expense for $1,950. 
D) credit to Retained Earnings for $3,050.

The Following Information Is from the Income Statement of the Dirt