At year-end, Wildwood Park prepared the following adjusted trial balance. LO8

Instructions .
a 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 Assume that in the following year, Wildwood Park again had $160,000 of admis¬
sions revenue, but that expenses increased to $170,000. Assuming that the revenue account and all the expense accounts had been closed into the Income Summary account at December 31, prepare a journal entry to close the Income Summary account.

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WILDWOOD PARK Adjusted Trial Balance December 31, 19 Cash $ 12,500 Accounts receivable. Equipment. Accumulated depreciation: equipment. Trucks Accumulated depreciation: trucks Roy Garcia, capital Roy Garcia, drawing. Admissions revenue. Advertising expense. Rent expense Repairs expense. 1,800 60,000 $ 18,000 30,000 10,000 72,000 20,000 160,000 2,000 34,000 5,200 Salaries expense. 79,000 Light & power expense 4,500 Depreciation expense: equipment 6,000 Depreciation expense: trucks. 5,000 $260,000 $260,000