Reference no: EM133039300
Question - If on 31 Dec Revenue= $5,000 and the expenses are the following (wages expense = $2,000, rent expense = $500 and advertising expense is $200), drawing = $1,000, give the required closing entry for income summary.
a. 31 Dec Dr. Revenue $5,000, Cr Expenses $2,700
b. 31 Dec Dr capital, Cr Income summary $2,700
c. 31 Dec Dr Capital, Cr Income Summary $2,300
d. 31 Dec Dr income summary, Cr Capital $2,300
e. 31 Dec Dr Capital, Cr Drawing $1,000
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