From the Following Items in the Income Statement Columns of the Worksheet

question 102

Essay

From 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.
$\begin{array}{c}\begin{array}{lll}\\\underline{\text {Account}}\\\text {Tutoring Fees}\\\text {Wages Expense}\\\text {Rent Expense}\\\text {Supplies Expense}\\\text {Insurance Expense}\\\\\text {Net Income}\\\end{array}\begin{array}{lll}\underline{\text {Debit}}\\\\700 \\600 \\450 \\\underline{250}\\2,000 \\\underline{1,450}\\\underline{\$ 3,450}\end{array}\begin{array}{lll}\underline{\text {Income Statemen}}\\\underline{\text {Credit}}\\3,450\\\\\\-----\\\underline{3,450} \\-----\\\underline{\$ 3,450} \end{array}\end{array}$

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Definitions:

High-Strength Plastics

Plastics engineered for superior performance, offering enhanced strength and durability for demanding applications in various industries.

Composite Materials

Materials made from two or more constituent materials with significantly different physical or chemical properties, combined to create a material with characteristics different from the individual components.

Carbon And Glass Fibres

Strong, lightweight materials used in composites for a variety of applications, including automotive parts, sporting goods, and aerospace components.

Depletion Time

The amount of time it takes to fully use up a particular natural resource at the current rate of consumption.