Chapter 4 Quiz MC.04-73 MC.04-76 MC.04-82 MC.04-86 MC.04-90 MC.04-97 MC.04-104 MC.04-113 MC.04-117 MC.04-124 MC.04-131 MC.04-142 Hide or show questions Progress:9/12 items Question Content AreaShores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. Debit Credit Cash 1,500 Accounts Receivable 2,000 Interest Receivable 100 Prepaid Insurance 1,600 Notes Receivable (long-term) 2,800 Equipment 15,000 Accumulated Depreciation 3,000 Accounts Payable 2,400 Accrued Expenses Payable 3,920 Income Taxes Payable 2,700 Unearned Rent Fees 500 Common Stock 7,700 Dividends 2,000 Rent Fees Earned 37,000 Furniture Rental Revenue 1,300 Wages Expense 19,000 Depreciation Expense 1,800 Utilities Expense 320 Insurance Expense 700 Maintenance Expense 9,000 Income Tax Expense 2,700 Totals 58,520 58,520 The entry required to close the expense accounts at the end of the period includes a: debit to Income Summary for $33,520 debit to Income Summary for $35,520 credit to Income Summary for $35,520 credit to Income Summary for $33,520