Question: Exercise 4-5 Completing the income statement columns and preparing closing entries LO1, 3 These partially completed Income Statement columns from a 10-column work sheet are

Exercise 4-5 Completing the income statement columns and preparing closing entries LO1, 3 These partially completed Income Statement columns from a 10-column work sheet are for the Winston Sail'em Boat Rental Company for the year ended December 31, 2020. Use the information to determine the amount that should be entered on the profit line of the work sheet. In addition, prepare closing entries for the company. The owner's name is Carl Winston, and the pre-closing balance of the withdrawals account is $17,700. Debit Credit Rent revenue.. 97.000 Salaries expense 35.000 Insurance expense 4.100 Dock rental expense 11.700 Boat supplies expense. 5.920 Depreciation expense, boats.. 21.200 Totals Profit Totals

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