The following closing entries were prepared for Greenway Gardening Services regarding the year ended October 31, 2020:

Required

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

2. Calculate the post-closing balance in the capital account at October 31, 2020, given that the adjusted balance on October 31, 2019, was $76,000.

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2020 Oct. 31 Service Revenue 136,000 Income Summary. 136,000 To close the revenue account. 31 Income Summary. 177,290 Depreciation Expense, Gardening Equipment. 9,950 Depreciation Expense, Vehicles 10,600 Insurance Expense. 6,900 Interest Expense 340 Supplies Expense . 24,800 Telephone Expense. 1,700 Utilities Expense. 1,800 Fuel Expense. 9,200 Wages Expense. 112,000 To close expense accounts. Grant Greenway, Capital. Ot. 31 41,290 Income Summary. 41,290 To close the Income Summary to capital. Grant Greenway, Capital. 10,000 31 Grant Greenway, Withdrawals. To close withdrawals to capital. 10,000