The following information is from the income statement of the swifty laundry service:
revenues
service revenues $4940
expenses
salaries and wages expense $ 1860
advertising expense 380
rent expense 230
supplies expense 150
insurance expense 80
total expenses 2700
net income $2240
the entry to close the laundry service revenue account includes a:

Explanation:

The journal entry for closing the laundry service revenue is shown below:

Laundry service revenue A/c Dr  $4,940

    To Income summary                               $4,940

(Being service revenue account closed)

We credit the income summary account because the service revenue is added while preparing the income statement. If there is a net income, so the revenue is excess than its expenses and if there is a net loss, so the expenses are excess than its income.

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