An adjusted trial balance for Marina Center at December 31 appears below. LO8

Prepare journal entries to close the accounts. Use four entries: (1) to close the revenue account, (2) to close the expense accounts, (3) to close the Income Sum¬
mary account, and (4) to close the owner’s drawing account, b Does the amount of net income or net loss appear in the closing entries? Explain fully.

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MARINA CENTER Adjusted Trial Balance December 31, 19 Cash $ 8,600 Accounts receivable. 12,000 Office equipment. 15,000 Accumulated depreciation: office equipment. $ 3,000 Accounts payable 6,000 Raul Gomez, capital. 24,600 Raul Gomez, drawing. 18,000 Sales commissions earned 172,000 Advertising expense. 41,500 Rent expense 30,000 Salaries expense. 63,000 Utilities expense 16,000 Depreciation expense: office equipment 1,500 $205,600 $205,600