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Robert Evans owns a business, Beachside Realty that rents condominiums and furnishings. Below is the adjusted trial balance at December 31.
Robert EvansAdjusted Trial BalanceDecember 31Account No.Debit BalancesCredit BalancesCash111,500Accounts Receivable122,000Interest Receivable13100Prepaid Insurance141,600Notes Receivable (long-term)162,800Equipment1815,000Accumulated Depreciation193,000Accounts Payable212,400Accrued Expenses Payable223,920Income Taxes Payable232,700Unearned Rent Fees24500Robert Evans, Capital3113,700Robert Evans, Drawing322,000Rent Fees Earned4131,000Furniture Rental Revenue421,200Interest Revenue43100Wages Expense5119,000Depreciation Expense521,800Utilities Expense53320Insurance Expense54700Maintenance Expense559,000Income Tax Expense562,70058,52058,520Required:
Prepare the closing entry required to transfer the income or loss at the end of the period. Refer to the Chart of Accounts for exact wording of account titles.
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