13

On December 31, Scott Company had the following adjusted trial balance: Account Titles Debit Credit Cash 19,190 Accounts Receivable 9,950 Prepaid Rent 6,750 Equipment 49,400 Accumulated Depreciation 7,800 Accounts Payable 45,780 Capital Stock 21,200 Retained Earnings 22,800 Dividends 16,300 Sales 71,600 Sales Discounts 1,050 Sales Returns and Allowances 1,480 Cost of Goods Sold 42,960 10,800 Selling Expenses General and Administrative Expenses 11,300 169,180 169,180 Required Prepare the second closing entry to close the expense accounts and contra-revenue accounts to Income Summary. Date Account Title Debit Credit z $