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Chapter 4 Financial Statement Problem Completing the income statement columns and preparing closing entries These Income Statement columns from a 10-column work sheet are for Browns Bike Rental Company. Account Title Debit Credit Rent earned 143,000 Salaries expense 63,492 Insurance expense 9,009 Office supplies expense 21,021 Bike repair expense 4,433 Depreciation expenseBikes 27,313 (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.

Determine the amount that should be entered on the net income line of the work sheet.

	Net income xxxxxxxx (you can replace the xs with your answer)

Prepare the company's closing entries. The owner, H. Brown, did not make any withdrawals this period.

No	Transaction	General Journal	Debit	Credit
A	1
B	2
C	3

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