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Felicity s Custom Framing has journalized their adjusting entries and prepared their adjusted trial balance. Using the adjusted trial balance, prepare the closing entries using

Felicitys Custom Framing has journalized their adjusting entries and prepared their adjusted trial balance. Using the adjusted trial balance, prepare the closing entries using the income summary account for the month of July.
Felicity's Custom Framing
Adjusted Trial Balance
July 31,2019
Account Titles DR CR
Cash $8,480
Accounts Receivable $2,820
Prepaid Insurance $2,140
Equipment $23,560
Accumulated Depreciation $1,720
Accounts Payable $3,000
Interest Payable $110
Unearned Revenue $1,650
Bank Loan $5,450
Felicity, Capital $23,330
Felicity, Withdrawals $2,750
Service Revenue $9,300
Depreciation Expense $190
Insurance Expense $180
Interest Expense $110
Office Supplies Expense $260
Rent Expense $1,550
Salaries Expense $2,240
Telephone Expense $280
Total $44,560 $44,560
Do not enter dollar signs or commas in the input boxes.
When closing accounts, use the income summary method.
For the closing of the expense accounts, enter the expense accounts in alphabetical order.
Date Account Title and Explanation Debit Credit
2019
Jul 31 Answer
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Close revenue accounts
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Close expense accounts
Jul 31 Answer
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Close income summary account
Jul 31 Answer
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