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Posted: August 28th, 2024
Amity University-ACCOUNTING ALD-03-Part C From the following items in the income statement
Question:Part CFrom the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31, prepare the closing entries without explanation, assuming that a $1,000 withdrawal was made during the period. Income Statement Account Debit Credit Tutoring Fees 3,450 Wages Expense 700Rent Expense 600Supplies Expense 450Insurance Expense 250 ____ __________ 2,000 3,450Net Income 1,450 _______ _______ 3,450 $3,450 Answer the following questions.a. What was the total amount of withdrawals for the year?b. What was the net income?c. What was the total revenue?d. What were the total expenses?
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