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10. The following account balances from the adjusted trial balance columns of FABM Trading worksheet are provided below: Account Cash Merchandise Inventory Accounts Payable
10. The following account balances from the adjusted trial balance columns of FABM Trading worksheet are provided below: Account Cash Merchandise Inventory Accounts Payable FAB Mars, Drawing FAB Mars, Capital Sales Purchases Purchase Returns and Allowances Rent Expense Salaries Expense Debit Balance P 200,500 Credit Balance 10,000 P 23,500 5,000 130,000 150,000 20,000 2,000 30,000 40,000 How much is the amount debited in the Income Summary to close the temporary accounts with normal debit balances at the end of the accounting period?
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