End-on-Perrou spreusmeet For the Year Ended December 31 Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash Adjusted Trial Balance Debit Credit 16,000 6,000 2,000 19,000 16,000 6,000 2,000 19,000 6,000 6,000 10,000 2,000 Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense 10,000 2,000 5,000 7,880 5,000 7,880 1,000 1,000 44,263 44,263 20,953 20,953 5,844 5,844 4,346 4,346 Totals 75,143 75,143 44,263 44,000 31,143 13,120 44,263 30,880 13,120 Net Income (Loss) 44,263 44,000 44,000 The entry to close Income Summary would be O debit Common Stock, $12,880; credit Income Summary, 512,880 The entry to close Income Summary would be O debit Common Stock, $12,880; credit Income Summary, $12,880 debit Income Summary, $13,120, credit Retained Earnings, $13,120 debit Income Summary, $12,120; credit Common Stock, $12,120 O debit Common Stock, $31,143; credit Income Summary, $31,143