The Following Is the Adjusted Trial Balance as of December

question 107

Essay

The following is the adjusted trial balance as of December 31,2019 of Wilson Repair Services Company after the first year of operations:
$\begin{array}{|l|r|r|}\hline \text { Accounts } & { \text { Debit } } & { \text { Credit } } \\\hline \text { Cash } & \$ 18,000 \\\hline \text { Accounts Receivable } & 30,000 \\\hline \text { Prepaid Insurance } & 9,000 \\\hline \text { Office Supplies } & 3,200 \\\hline \text { Land } & 45,000 \\\hline \text { Building } & 165,000 \\\hline \text { Accumulated Depreciation-Building } & & \$ 12,000 \\\hline \text { Equipment } & 88,000 & \\\hline \text { Accumulated Depreciation-Equipment } & & 8,500 \\\hline \text { Accounts Payable } & & 12,000 \\\hline \text { Salaries Payable } & & 2,000 \\\hline \text { Unearned Revenue } & & 25,000 \\\hline \text { Mortgage Payable } & & 100,00 \\\hline \text { Martin, Capital } & & 21,290\\ \hline \text { Martin, Withdrawals } & 25,840 & \\\hline \text { Service Revenue } & & 325,00 \\\hline \text { Salaries Expense } & 63,000 & \\\hline \text { Depreciation Expense—Building and } & & \\\text { Equipment } & 6,250 & \\\hline \text { Supplies Expense } & 15,000 & \\\hline \text { Insurance Expense } & 14,500 & \\\hline \text { Utilities Expense } & 23,000 & \\\hline \text { Total } & \$ 505,790 & \$ 505,790 \\\hline\end{array}$
Prepare the closing entry for the Income Summary account.Omit explanation.

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Definitions:

Prosthesis

An artificial device used to replace a missing body part, such as a limb, tooth, or heart valve.

Inner Ear

The innermost part of the ear, containing the cochlea, vestibule, and semicircular canals, responsible for hearing and balance.

Tympanic Membrane

A thin membrane that separates the external ear from the middle ear and vibrates in response to sound waves; commonly known as the eardrum.

Oval Window

A membrane-covered opening that leads from the middle ear to the cochlea of the inner ear, transferring vibrations to fluid within the cochlea.