Account Title Debit Credit Rent earned Salaries expense Insu

Account Title Debit Credit Rent earned Salaries expense Insurance expense Office supplies expense Bike repair expense Depreciation expense-Bikes 143,000 63,492 9,009 21,021 4,433 27,313

Solution

Transaction

General Journal

Debit ($)

Credit ($)

1

Rent Earned A/c

143,000

To Income Summary

143,000

[Entry to close Revenue Account]

2

Income Summary A/c

125,268

To Salaries Expenses A/c

63,492

To Insurance Expenses A/c

9,009

To Office Supplies Expenses A/c

21,021

To Bike Repair Expenses A/c

4,433

To Depreciation Expense – Bikes A/c

27,313

[Entry to Close Expense Accounts]

3

Income Summary A/c

17,732

To Retained Earnings A/c

17,732

[Entry to close income summary account]

Transaction	General Journal	Debit ($)	Credit ($)
1	Rent Earned A/c	143,000
	To Income Summary		143,000
	[Entry to close Revenue Account]
2	Income Summary A/c	125,268
	To Salaries Expenses A/c		63,492
	To Insurance Expenses A/c		9,009
	To Office Supplies Expenses A/c		21,021
	To Bike Repair Expenses A/c		4,433
	To Depreciation Expense – Bikes A/c		27,313
	[Entry to Close Expense Accounts]
3	Income Summary A/c	17,732
	To Retained Earnings A/c		17,732
	[Entry to close income summary account]