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27 Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1: Credit Novelty Toys, Incorporated Adjusted Trial Balance December

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27
Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1: Credit Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Cash $ 15,050 Accounts Receivable 12,525 office Equipment 21,600 Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends 7,050 Fees Earned Salaries Expense 151100 Advertising Expense 3,025 Depreciation Expense 4,025 Totals $ 78, 375 $ 5,550 7,525 22,050 -0- 43, 250 $ 78,375 The Income Summary will have what balance before it is closed? The Income Summary will have what balance before it is closed? Multiple Choice O $21,650 $21,100. Zero. $21.900.

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