These Income Statement columns from a 10-column work sheet are for Brown's Bike Rental Company. Account Title Rent earned Salaries expense Insurance expense Office supplies expense Bike repair expense Depreciation expense-Bikes Debit 50,172 7,119 16,611 3,503 21,583 Credit 113,000 (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. Complete this question by entering your answers in the tabs below.

These Income Statement columns from a 10-column work sheet are for Brown's Bike Rental Company. Account Title Rent earned Salaries expense Insurance expense Office supplies expense Bike repair expense Depreciation expense-Bikes Debit 50,172 7,119 16,611 3,503 21,583 Credit 113,000 (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. Complete this question by entering your answers in the tabs below.

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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