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3 You are required by using the following trial balance to prepare the closing entry for net income or net loss. it should be: *
3 You are required by using the following trial balance to prepare the closing entry for net income or net loss. it should be: * (2 Points) The following adjusted trial balance for Arwa Est, shows the following account balances on Dec 31, 2021: Adjusted Trial Balance Dec 31, 2021 Account Title Debit Credit Cash 12,000 Accounts Receivable 8,000 Trucks 40,000 Machine 30,000 Accounts Payable 14,000 Arwa, Capital 75,000 Arwa Drawings 2,000 Service Revenue Salaries Expense Rent Expense 18,000 9,000 6,000 Totals 107,000 107,000 Debit Income Summary BD3,000 and Credit Capital BD3,000 Debit Income Summary BD3,000 and Credit Net Income BD3,000 Debit Capital BD3,000 and Credit Income SummaryBD3,000
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