Use the following information from the income statement of the AAA Janitorial Service. Revenues: Service Revenue $5,500. Expenses: Salaries and wages expense $ 1,150. Advertising expense 600. Rent expense 300. Supplies expense 300. Insurance expense 100. Total expenses 2,450. Net Income $3,050. The entry to close the Income Summary includes a: debit to Income Summary for $3,050. credit to Common Stock for $3,050. debit to the Owner’s Capital account for $3,050. credit to Income Summary for $3,050 .Payments to owners are called:
a. Withdrawals.
b. Dividends.
c. Liabilities.
d. Expenses.

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07-07-2024
Business

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Use the following information from the income statement of the AAA Janitorial Service. Revenues: Service Revenue $5,500. Expenses: Salaries and wages expense $ 1,150. Advertising expense 600. Rent expense 300. Supplies expense 300. Insurance expense 100. Total expenses 2,450. Net Income $3,050. The entry to close the Income Summary includes a: debit to Income Summary for $3,050. credit to Common Stock for $3,050. debit to the Owner’s Capital account for $3,050. credit to Income Summary for $3,050 .Payments to owners are called:
a. Withdrawals.
b. Dividends.
c. Liabilities.
d. Expenses.

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