Equipment 47,100 Accumulated Depreciation Accounts Payable Deferred Rent Revenue 6,500 3,890 1,510 21,700 23,000 Capital Stock Retained Earnings Dividends 15,500 Commission Revenue Rent Revenue 44,680 7,000 Depreciation Expense 4,200 Utilities Expense Supplies Expense 8,000 5,000 108,280 Total 108,280 Required: Prepare the third closing entry to close the Income Summary account to the Retained Earnings account, given that net income for the period = $34,480. Date Account Title Debit Credit Dec. 31 Retained Earnings 34.480 Income Summary 34,480 X $ ? Continue Submit Assign