[Solution]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,…

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?

The post Amity University-ACCOUNTING ALD-03-Part C From the following items in the income statement

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