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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.
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