Question
These Income Statement columns from a 10-column work sheet are for Brown's Bike Rental Company. Account TitleDebitCreditRent earned142,000Salaries expense63,048Insurance expense8,946Office supplies expense20,874Bike repair expense4,402Depreciation expenseBikes27,122
These Income Statement columns from a 10-column work sheet are for Brown's Bike Rental Company.
Account TitleDebitCreditRent earned142,000Salaries expense63,048Insurance expense8,946Office supplies expense20,874Bike repair expense4,402Depreciation expenseBikes27,122
(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.
Please help with:
- General Journal
- Net Income
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International Accounting
Authors: Frederick D. Choi, Gary K. Meek
7th Edition
978-0136111474, 0136111475
