The Following Is the Adjusted Trial Balance as of December

question 108

Essay

The following is the adjusted trial balance as of December 31,2019 of Bright Exteriors Company after the first year of operations:
$\begin{array}{|l|r|r|}\hline \text { Accounts } & { \text { Debit } } & { \text { Credit } } \\\hline \text { Cash } & \$ 3,000 \\\hline \text { Accounts Receivable } & 45,000 \\\hline \text { Prepaid Insurance } & 9,000 \\\hline \text { Office Supplies } & 3,200 \\\hline \text { Land } & 45,000 \\\hline \text { Building } & 165,000 \\\hline \text { Accumulated Depreciation-Building } & & \$ 12,000 \\\hline \text { Equipment } & 88,000 & \\\hline \text { Accumulated Depreciation-Equipment } & & 8,500 \\\hline \text { Accounts Payable } & & 12,000 \\\hline \text { Salaries Payable } & & 2,000 \\\hline \text { Unearned Revenue } & & 25,000 \\\hline \text { Mortgage Payable } & & 100,00 \\\hline \text { Martin, Capital } & & 21,290\\ \hline \text { Martin, Withdrawals } & 25,840 & \\\hline \text { Service Revenue } & & 320,00 \\\hline \text { Salaries Expense } & 58,000 & \\\hline \text { Depreciation Expense—Building and } & & \\\text { Equipment } & 6,250 & \\\hline \text { Supplies Expense } & 15,000 & \\\hline \text { Insurance Expense } & 14,500 & \\\hline \text { Utilities Expense } & 23,000 & \\\hline \text { Total } & \$ 500,790 & \$ 500,790 \\\hline\end{array}$

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

---

Definitions:

Penis

Male copulatory organ; in humans, the male organ of sexual intercourse.

Oviduct

The tube through which an egg passes from an ovary.

Cervix

The lower part of the uterus opening into the vagina, playing essential roles in menstruation, childbirth, and reproductive health.