Exercise 4-6 completing the income statement columns and preparing closing entries lo p1, p2 these partially completed income statement columns from a 10-column work sheet are for brown's bike rental company. account title debit credit rent earned 120,000 salaries expense 46,300 insurance expense 7,400 office supplies expense 16,000 bike repair expense 4,200 depreciation expense—bikes 20,500 (1) use the information to determine the amount that should be entered on the net income line of the work sheet.

Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.