Revenues Laundry Service Revenues $5,500 Expenses Wages expense $ 1,450 Advertising expense 500 Rent expense 300 Supplies expense 200 Insurance expense 100 Total expenses 2,550 Net Income $2,950

Revenues Laundry Service Revenues $5,500 Expenses Wages expense $ 1,450 Advertising expense 500 Rent expense 300 Supplies expense 200 Insurance expense 100 Total expenses 2,550 Net Income $2,950

The following information is from the income statement of the Dirt Poor Laundry Service:

Revenues
Laundry Service Revenues $5,500
Expenses
Wages expense $ 1,450
Advertising expense 500
Rent expense 300
Supplies expense 200
Insurance expense 100
Total expenses 2,550
Net Income $2,950


The entry to close the laundry service revenue account includes a

a. debit to Laundry Service Revenue for $5,500
b. credit to Laundry Service Revenue for $5,500
c. debit to Income Summary for $5,500
d. debit to Retained Earnings for $5,500