Use the following income statement for the year 2020 for Belle Company to prepare entries to close the revenue and expense accounts for the company.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Service revenue$85,000Expenses:Salaries and Wages Expense$40,000Rent Expense12,500Advertising Expense8,700Total expenses61,200Net income (loss)$23,800

Brief Exercise 173 Use the following income statement for the year 2020 for Belle Company to prepare entries to close the revenue and expense accounts for the company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Service revenue $85,000 Expenses: Salaries and Wages Expense $40,000 Rent Expense 12,500 Advertising Expense 8,700 Total expenses 61,200 Net income (loss) $23,800 Account Ties and Explanation Debit Credit (l'o close revenue account.) (l'o close expense account.)