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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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