Use the Following Income Statement for the Year 2016 for Belle

Use the following income statement for the year 2016 for Belle Company to prepare entries to close the revenue and expense accounts for the company. $\begin{array} { l r r } \text { Service revenue } & & \$ 85,000 \\\text { Expenses: } & \\\quad \text { Salaries and Wages Expense } & \$ 40,000 \\\quad \text { Rent Expense }& 12,500 & \\\quad \text { Advertising Expense }& \underline { 8,700 } & \\\quad \text { Total expenses } & & \underline { 61,200 } \\\text { Net income (loss) }& & \underline { \$ 23,800 }\end{array}$

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