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Prepare the company closing entries

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Question - These Income Statement columns from a 10-column work sheet are for Brown's Bike Rental Company.

Account Title

Rent earned 129,000 (Credit)

Salaries expense 57,276 (Debit)

Insurance expense 8,127 (Debit)

Office supplies expense 18,963 (Debit)

Bike repair expense 3,999 (Debit)

Depreciation expense Bikes 24,639 (Debit)

(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.

 

Reference no: EM132593115

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