Use the following income statement for the year 2013 for Haggrad Ltd. to prepare entries to close the revenue and expense accounts for the company.
Service revenue €90,300
Expenses:
Salaries and Wages Expense €45,000
Rent Expense 25,000
Insurance Expense 6,500
Total expenses 76,500
Net income (loss) €13,800
SO: 7, Bloom: AN,

Question

Quizplus · Accepted Answer

The Answer of Use the following income statement for the year 2013 for Haggrad Ltd. to prepare entries to close the revenue and expense accounts for the company.
Service revenue €90,300
Expenses:
Salaries and Wages Expense €45,000
Rent Expense 25,000
Insurance Expense 6,500
Total expenses 76,500
Net income (loss) €13,800
SO: 7, Bloom: AN,

Use the Following Income Statement for the Year 2013 for Haggrad