Below the Adjusted Trial Balance for Torr's Towing Services is given. Using the Adjusted Trial Balance prepare the closing entries at June 30, 2019 (on a piece of paper) and select the correct answer to the questions asked about the closing entries.

	TORR'S TOWING SERVICES
	WORKSHEET
	FOR THE YEAR ENDED JUNE 30, 2019
		ADJUSTED TRIAL BALANCE
ACCOUNT TITLES		DEBIT ($)	CREDIT ($)
Cash		56,820.00
Accounts Receivable		28,200.00
Towing Supplies		9,000.00
Notes Receivable		2,500.00
Land		180,000.00
Vehicles		66,000.00
Accumulated depreciation -
Vehicles			60,000.00
Accounts Payable			31,100.00
Unearned Revenue			1,400.00
Notes Payable			20,000.00
Capital - Torr Tait			205,500.00
Withdrawals - Torr Tait		3,000.00
Towing Service Revenue			143,500.00
Rent Revenue			28,000.00
Advertising Expense		3,500.00
Insurance Expense		1,200.00
Internet Expense		1,160.00
Meals and Entertainment Expense		2,500.00
Telephone Expense		1,120.00
Utilities Expense		10,800.00
Wage Expense		121,750.00
Depreciation - Vehicles		7,200.00
Interest Expense		400.00
Supplies Expense		9,000.00
Interest Payable			400.00
Wages Payable			14,250.00
		504,150.00	504,150.00

What is the total amount posted to the Income Summary account to close out the expense accounts?	Answer 1Choose...$171,500 DebitDr. Capital $3,000 Cr. Withdrawals $3,000Permanent Account$171,500 CreditDr. Withdrawals $3,000 Cr. Capital $3,000$143,500 Credit$12,870 CreditTemporary AccountNo entry required$172,900 Credit$12,870 DebitRevenue Account$158,630 Debit$151,430 Debit
What type of account is the Income Summary account?	Answer 2Choose...$171,500 DebitDr. Capital $3,000 Cr. Withdrawals $3,000Permanent Account$171,500 CreditDr. Withdrawals $3,000 Cr. Capital $3,000$143,500 Credit$12,870 CreditTemporary AccountNo entry required$172,900 Credit$12,870 DebitRevenue Account$158,630 Debit$151,430 Debit
What is the total amount posted to the Income Summary account to close out the revenue account(s)?	Answer 3Choose...$171,500 DebitDr. Capital $3,000 Cr. Withdrawals $3,000Permanent Account$171,500 CreditDr. Withdrawals $3,000 Cr. Capital $3,000$143,500 Credit$12,870 CreditTemporary AccountNo entry required$172,900 Credit$12,870 DebitRevenue Account$158,630 Debit$151,430 Debit
What is the journal entry to close out the Withdrawal's account?	Answer 4Choose...$171,500 DebitDr. Capital $3,000 Cr. Withdrawals $3,000Permanent Account$171,500 CreditDr. Withdrawals $3,000 Cr. Capital $3,000$143,500 Credit$12,870 CreditTemporary AccountNo entry required$172,900 Credit$12,870 DebitRevenue Account$158,630 Debit$151,430 Debit
What is the total amount posted to the Owners' Capital account to close out the Income Summary account?	Answer 5Choose...$171,500 DebitDr. Capital $3,000 Cr. Withdrawals $3,000Permanent Account$171,500 CreditDr. Withdrawals $3,000 Cr. Capital $3,000$143,500 Credit$12,870 CreditTemporary AccountNo entry required$172,900 Credit$12,870 DebitRevenue Account$158,630 Debit$151,430 Debit