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Short Answer Questions (2*3=6 marks) 1. The income statement for Crestwood Golf Club for the month ending July 31 shows Green Fee Revenue $13.600,
Short Answer Questions (2*3=6 marks) 1. The income statement for Crestwood Golf Club for the month ending July 31 shows Green Fee Revenue $13.600, Salaries Expense S8,200, Maintenance Expense $2,500, and Net Income $2.900. Prepare the entries to close the revenue and expense accounts. 2. The adjusted trial balance of Harmony Company at December 31, 2010, includes the following accounts: S. Harmony, Capital $15,600, S. Harmony, Drawing $6,000; Service Revenue $35,400; Salaries Expense $16,000; Insurance Expense $2,000; Rent Expense $4,000; Supplies Expense $1,500; and Depreciation Expense $1,300. Prepare an income statement for the year.
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