Exercise 6.5 (Algo) Closing entries. LO 6-1 The Income Summary and Linda Carter, Capital accounts for Carter Production Income Summary Account No. 399 Balance Credit Debit Credit Debit Date Description 20X1 Dec. 31 Closing 31 Closing 31 Closing 63,200 34,000 29, 200 3,200 29,200 Linda Carter, Capital Account No. 301 Balance Credit Debit Credit Debit Date Description 20X1 Dec. 1 31 Closing 31 Closing 101,000 29,200 101, eee 130,200 121,100 9,100 0 Enter the following amounts ances 1 Total revenue for the period is 2. Total expenses for the period are 3. Net Income for the period is 4 Owner's withdrawals for the period are 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated depreciation-Equipment 202 Accounts payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation expense-Equipment 511 Insurance expense 514 Rent expense 517 Salaries expense 518 Supplies expense 519 Telephone expense 523 Utilities expense 10,000 24,400 112,000 40,720 12,400 124,000 12,400 357,660 20,560 10,800 32,400 160,000 5,000 6,200 8,800 All accounts have normal balances Required: 1. Prepare the closing entries. 2. Post the transactions into the appropriate ledger accounts. Hint. Be sure to enter beginning balances Complete this question by entering your answers in the tabs below. Tences General Journal Ledgers Prepare the closing entries View tractions Journal entry worksheet 1 Record the designey for revenus ASUS VivoBooc esc X BE 19 home Doend S A 7 2 3 3 4. 5 6 7 8 9 c