Answered
The income statement for the year 2016 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages Expense $43,000 Rent Expense 12,000 Advertising Expense 11,000 Supplies Expense 6,000 Utilities Expense 3,500 Insurance Expense 4,000 Total expenses 79,500 Net income (loss) $(6,500) \begin{array}{lr}\text { Revenues } &&\$73,000 \\\text { Expenses: } & \\\text { Salaries and Wages Expense } & \$ 43,000 \\\text { Rent Expense } &12,000 \\\text { Advertising Expense } & 11,000 \\\text { Supplies Expense } &6,000 \\\text { Utilities Expense }& 3,500\\\text { Insurance Expense }&4,000 \\\quad \text { Total expenses } &&79,500 \\\text { Net income (loss) } &&\$(6,500) \end{array} Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $43,00012,00011,0006,0003,5004,000$73,00079,500$(6,500)
After all closing entries have been posted the revenue account will have a balance of
A) $0.
B) $73000 credit.
C) $73000 debit.
D) $6500 credit.
On May 06, 2024