Use the following income statement for the year 2016 for Belle Company to prepare entries to close the revenue and expense accounts for the company. $\begin{array} { l r r }
\text { Service revenue } & & \$ 85,000 \
\text { Expenses: } & \
\quad \text { Salaries and Wages Expense } & \$ 40,000 \
\quad \text { Rent Expense }& 12,500 & \
\quad \text { Advertising Expense }& \underline { 8,700 } & \
\quad \text { Total expenses } & & \underline { 61,200 } \
\text { Net income (loss) }& & \underline { \$ 23,800 }
\end{array}$

Question

Use the following income statement for the year 2016 for Belle Company to prepare entries to close the revenue and expense accounts for the company. $\begin{array} { l r r } 
\text { Service revenue } & & \$ 85,000 \
\text { Expenses: } & \
\quad \text { Salaries and Wages Expense } & \$ 40,000  \
\quad \text { Rent Expense }& 12,500 &  \
\quad \text { Advertising Expense }& \underline { 8,700 } & \
\quad \text { Total expenses }  & & \underline { 61,200 } \
\text { Net income (loss) }& & \underline { \$ 23,800 }
\end{array}$

Quizplus · Accepted Answer

The Answer of Use the following income statement for the year 2016 for Belle Company to prepare entries to close the revenue and expense accounts for the company. $\begin{array} { l r r } 
\text { Service revenue } & & \$ 85,000 \
\text { Expenses: } & \
\quad \text { Salaries and Wages Expense } & \$ 40,000  \
\quad \text { Rent Expense }& 12,500 &  \
\quad \text { Advertising Expense }& \underline { 8,700 } & \
\quad \text { Total expenses }  & & \underline { 61,200 } \
\text { Net income (loss) }& & \underline { \$ 23,800 }
\end{array}$

Use the Following Income Statement for the Year 2016 for Belle