The Following Is the Adjusted Trial Balance as of December

question 90

Essay

The following is the adjusted trial balance as of December 31,2016 of Mason Photography:
$\begin{array}{|l|r|r|}\hline \text { Account } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 1,700 & \\\hline \text { Accounts Receivable } & 8,500 & \\\hline \text { Supplies } & 100 & \\\hline \text { Equipment } & 7,50 &\\\hline\text { Accumulated Depreciation-Equipment } & & \$ 2,000 \\\hline \text { Accounts Payable } & & 1,200 \\\hline \text { Salaries Payable } & & 800 \\\hline \text { Unearned Revenue } & & 600 \\\hline \text { Common Stock } & & 3,400 \\\hline \text { Dividends } & 2,300 &\\\hline \text { Service Revenue } & & 40,000 \\\hline \text { Salaries Expense } & 24,000 & \\\hline \text { Supplies Expense } & 2,300 & \\\hline \text { Depreciation Expense-Equipment } & 1,600 & \\\hline \text { Total } & \underline{\$ 48,000} & \$ 448,000 \\\hline\end{array}$ Provide the closing entry for revenues.

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Definitions:

Current Income

Income received by an individual or entity within a specified period of time, such as wages, salaries, or investment income.

Average Income

The amount of income earned per person in a given area or country, calculated by dividing the total income of a population by the number of people in that population.

Bush Administration

Refers to the presidency of George H.W. Bush (1989-1993) or George W. Bush (2001-2009) in the United States, each leading with distinct policies and historical impacts.

One-Time Tax Cuts

Fiscal policy measures involving a temporary reduction in taxes, intended to stimulate spending and investment but not designed to be permanent.