These Income Statement columns from a 10-column work sheet are for Brown's Bike Rental Company. Account Title Rent earned Salaries expense Insurance expense Office supplies expense Bike repair expense Depreciation expense-Bikes Debit 50,172 7,119 16,611 3,503 21,583 Credit 113,000 (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. Complete this question by entering your answers in the tabs below.

These Income Statement columns from a 10-column work sheet are for Brown's Bike Rental Company. Account Title Rent earned Salaries expense Insurance expense Office supplies expense Bike repair expense Depreciation expense-Bikes Debit 50,172 7,119 16,611 3,503 21,583 Credit 113,000 (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. Complete this question by entering your answers in the tabs below.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter7: Financial Statements For A Proprietorship

Section: Chapter Questions

Problem 1CP

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After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $28,000. The entry to close the income summary account will be: __ Debit owner Withdrawals $28,000; credit Income Summary $28,000. __ Debit Income Summary $28,000; credit Owner Withdrawals $28,000. __ Debit Income Summary $28,000; credit Owner Capital $28,000. __ Debit Owner Capital $28,000; credit Income Summary $28,000. __ Credit Owner Capital $28,000; debit Owner Withdrawals $28.000.
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