The following closing entries were prepared for Apex Architectural Designs regarding its year just ended June 30, 2020:

Required

1. Prepare an income statement based on the information provided.

2. Calculate the post-closing balance in the capital account at June 30, 2020, given that the adjusted balance on June 30, 2019, was $85,500.

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2020 Design Revenue. June 30 135,000 Income Summary. 135,000 To close the revenue account. 30 Income Summary. 74,770 Depreciation Expense, Office Equipment. 1,700 Depreciation Expense, Office Furniture. Insurance Expense. Interest Expense. 840 1,190 340 Supplies Expense 2,100 Telephone Expense. 1,550 Utilities Expense. Salaries Expense. To close expense accounts. 2,650 64,400 Income Summary. June 30 60,230 Nolan Apex, Capital. 60,230 To close Income Summary to capital. Nolan Apex, Capital. 30 34,500 34,500 Nolan Apex, Withdrawals. To close withdrawals to capital.