Camera Obscura Enterprises' income statement for the month of June 2021 shows $7,000 in revenues, $5,700 in costs, and $1,300 in net income. a debit amount of $1,300 is to cancel the expense accounts.
A net profit is typically defined in the income statement as the difference between income and expenses for a certain period. This results in a credit balance in the income statement, but a debit balance in the income summary to close the account.
A net loss, on the other hand, is when an accounting period's expenses exceed its income. This results in a debit balance on the income statement, but a credit balance on the income summary that closes net profit the account.
The amount in the income statement will be a debit balance of $1,300 since Camera Obscura Enterprises had a net profit of $1,300 in the month of June.
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