The Following Is the Adjusted Trial Balance as of December

question 23

Essay

The following is the adjusted trial balance as of December 31, 2019 of Bright Exteriors, Inc., after the first year of operations:
$\begin{array}{|l|c|c|}\hline\text { Accounts } & \text { Debit } & \text { Credit }\\\hline \text { Cash } & \$ 18,000 & \\\hline \text { Accounts Receivable } & 30,000 & \\\hline \text { Prepaid Instrance } & 9,000 & \\\hline \text { Office Supplies } & 3,200 & \\\hline \text { Land } & 45,000 & \\\hline \text { Building } & 165,000 & \\\hline \text { Accumulated Depreciation-Building } & & \$ 12,000 \\\hline \text { Equipment } & 88,000 & \\\hline \text { Accumulated Depreciation-Equipment } & & 8,500 \\\hline \text { Accounts Payable } & & 12,000 \\\hline \text { Salaries Payable } & & 2,000 \\\hline \text { Unearned Revenue } & & 25,000 \\\hline \text { Mortgage Payable } & & 100,000 \\\hline \text { Common Stock } & & 21,290 \\\hline \text { Dividends } & 25,840 & \\\hline \text { Service Revenue } & & 325,000 \\\hline \text { Salaries Expense } & 63,000 & \\\hline \text { Depreciation Expense-Building and Equipment } & 6,250 & \\\hline \text { Supplies Expense } & 15,000 & \\\hline \text { Insurance Expense } & 14,500 & \\\hline \text { Utilities Expense } & 23,000 & \\\hline \text { Total } & \$ 505,790 & \$ 505,790 \\\hline\end{array}$

Prepare the closing entry for the Income Summary account. Omit explanation.

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Definitions:

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