Completing the Income Statement columns and preparing closing entries P1 P2 Following are Income Statement columns from a 10-column work sheet for Brown's Bike Rental Company. 1. Determine the amount that should be entered on the net income line of the work sheet. 2. Prepare the company's closing entries. The owner, H. Brown, did not make any withdrawals this period. Account Title Rental revenue Salaries expense Insurance expense Supplies expense Bike repair expense Depreciation expense-Bikes Totals Net income Totals Debit $46,300 7,400 16,000 4,200 20,500 Credit $120,000
Completing the Income Statement columns and preparing closing entries P1 P2 Following are Income Statement columns from a 10-column work sheet for Brown's Bike Rental Company. 1. Determine the amount that should be entered on the net income line of the work sheet. 2. Prepare the company's closing entries. The owner, H. Brown, did not make any withdrawals this period. Account Title Rental revenue Salaries expense Insurance expense Supplies expense Bike repair expense Depreciation expense-Bikes Totals Net income Totals Debit $46,300 7,400 16,000 4,200 20,500 Credit $120,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Completing the Income Statement columns and
preparing closing entries
P1 P2
Following are Income Statement columns from a
10-column work sheet for Brown's Bike Rental
Company.
1. Determine the amount that should be entered
on the net income line of the work sheet.
2. Prepare the company's closing entries. The
owner, H. Brown, did not make any
withdrawals this period.
Account Title
Rental revenue
Salaries expense
Insurance expense
Supplies expense
Bike repair expense
Depreciation expense-Bikes
Totals
Net income
Totals
Debit
$46,300
7,400
16,000
4,200
20,500
Credit
$120,000
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