These partially completed Income Statement columns from a 10-column work sheet are for Welchs Red Sail Rental
Question:
(1) Use the information to determine the amount that should be entered on the net income line of the work sheet.
(2) Prepare the companys closing entries. The owner, L. Welch, did not make any withdrawals thisperiod.
Transcribed Image Text:
Account Title Debit Credit Rent earned .. 02.000 Salaries expense.45,300 Insurance expense Dock rental expense Boat supplies expense . .. Depreciation expense-Boats Totals ^^.. Net income Totals .. 6,400 15.000 3,200 9,500
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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