F Question 5 [15 points] Following is the adjusted trial balance, with accounts listed in alphabetical order for Ludwig Inc. at December 31, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry. Close all temporary credit balance accounts to the income summary account. Close all temporary debit balance accounts to the income summary account Close the income summary (net income) to retained earnings. Close the income summary (net loss) to retained earnings. Close dividends to retained earnings, Enter the dates in the format dd/mmm (ie. 15/Jan). Ludwig Inc. General Journal Page GJ8 Adjusted Trial Balance Date Account/Explanation Debit Credit December 31, 2014 Debit Credit Accounts receivable 25,980 Accumulated depreciation, equipment 1,310 Bonds payable 11,030 Cash 10,160 Consulting revenue earned 6,860 Depreciation expense, equipment 600 Dividends 2,790 Equipment 21,650 Interest earned 2,530 Rent earned 7,340 Retained earnings 17,570 Share capital 14,540 Totals 61,180 61,180 - + +