The Income Statement For The Year 2015 Of Fugazi Co. Contains The Following Information:

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The Income Statement For The Year 2015 Of Fugazi Co. Contains The Following Information:

Revenues $70,000 Expenses: Salaries and Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 10,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 77,500 Net income (loss) $ (7,500) The entry to close the expense accounts includes a -debit to Income Summary for $77,500. -credit to Income Summary for $7,500.(NOT THIS ONE) -debit to Income Summary for $7,500. -debit to Utilities Expense for $2,500.
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debit to Utilities Expense for $2,500.
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