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Accounting

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Preparation of Closing Entries from the Work Sheet e items that follow are from the Income Statement columns of Adam's Repair Shop's work sheet for the year ended December 31, 2014. Prepare journal entries to close the revenue, expense, Income Summary, and Withdrawals accounts. The owner, Brian Adams, withdrew $6,000 during the year Income Statement Credit 25,620 Account Name Repair Revenue Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense Repair Equipment Debit 8,110 1,200 4,260 915 1,345 15,830 9,790 25,620 25,620 Net Income 25,620

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