The following items appeared in the Income Statement columns of a December 31 work sheet prepared for Donald Cole, an attorney. Assume that Mr. Cole withdrew \(\$ 28,000\) from his law practice during the year and prepare entries to close the accounts.

Transcribed Image Text:

Income Statement Debit Credit Legal fees earned Office salaries expense. 64,000 15,000 Rent expense. 7,200 Insurance expense. 1,500 Office supplies expense 350 Depreciation expense, office equipment 2,800 26,850 64,000 Net income 37,150 64,000 64,000