Use the following income statement for the year 2011 for Melges Company to prepare entries to close the revenue and expense accounts for the company

Accounting Nov 18, 2020

Use the following income statement for the year 2011 for Melges Company to prepare entries to close the revenue and expense accounts for the company.
Service revenue €90,300
Expenses:
Salaries Expense €40,000
Rent Expense 25,000,
Insurance Expense 6,500
Total expenses 71,500
Net income (loss) €18,800