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The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow. Income Summary Date Description Debit 20X1 Dec. 31 Closing 31 Closing 35,800 31 closing 31,000 Account No. 399 Balance Credit Debit Credit 66,800 66,000 31,000 Account No. 301 Balance Credit Debit Credit Debit Linda Carter, Capital Date Description 20x1 Dec. 1 31 Closing 31 closing 119,000 31,000 119,000 150,000 139, 100 10,900 Enter the following amounts. 1. Total revenue for the period is 2. Total expenses for the period are 3. Net income for the period is 4. Owner's withdrawals for the period are On December 31, 20x1, the ledger of Lopez Company contained the following account balances: Cash Accounts receivable Supplies Equipment Accumulated depreciation Accounts payable Maria Lopez, Capital $32,290 Maria Lopez, Drawing 2,500 Fees income 1,700 Depreciation expense 25,290 Salaries expense 2,100 Supplies expense 2,600 Telephone expense 47, 450 Utilities expense $12,700 49,750 2,359 16, 200 2,609 2,200 4,259 All the accounts have normal balances. Prepare the closing entries for the above transactions. View transaction list Journal entry worksheet Record the closing entry for revenue. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 20X1 Accounts payable Maria Lopez, Capital 2,600 Telephone expense 47, 450 Utilities expense 2,200 4,250 All the accounts have normal balances. Prepare the closing entries for the above transact View transaction list es 1 Record the closing entry for revenue. > 2 Record the closing entry for expenses. 3 Record the closing entry for the balance of income summary 4 Record the closing entry for the drawing account. Credit Note : = journal entry has been entered