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 expense account includes a

a. credit to Income Summary for $2,550
b. debit to Income Summary for $2,550
c. debit to Wages Expense for $1,450
d. credit to Retained Earnings for $2,550