The income statement for the month of June, 2021 of Ivanhoe Enterprises contains the following information: Revenues $6880 Expenses: Salaries and Wages Expense $3140 Rent Expense 1470 Advertising Expense 830 Supplies Expense 270 Insurance Expense 110 Total expenses 5820 Net income $1060 The entry to close the revenue account includes a credit to Income Summary for $6880. credit to Income Summary for $1060. debit to Income Summary for $6880. debit to Income Summary for $1060.

What is the difference between total utility and marginal utility? a. marginal utility is subject to the law of diminishing marginal utility while total utility is not. b. total utility represents the consumer optimum while marginal utility gives the total utility per dollar spent on the last unit. c. total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good. d. marginal utility represents the consumer optimum while total utility gives the total utility per dollar spent on the last unit.