Use the following income statement for the year 2020 for Belle Company to prepare entries to...

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Use the following income statement for the year 2020 for Belle Company to prepare entries to close the revenue and expense accounts for the company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Service revenue Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Total expenses Net income (loss) Account Titles and Explanation (To close revenue account.) (To close expense account.) $40,000 12,500 8,700 $85,000 61,200 $23,800 Debit Credit Use the following income statement for the year 2020 for Belle Company to prepare entries to close the revenue and expense accounts for the company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Service revenue Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Total expenses Net income (loss) Account Titles and Explanation (To close revenue account.) (To close expense account.) $40,000 12,500 8,700 $85,000 61,200 $23,800 Debit Credit

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