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Fick Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of

Fick Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report.

FICK PSYCHOLOGICAL SERVICES, INC.

INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31, CURRENT YEAR

Revenue: Counseling revenue $350,000

Expenses: Advertising expense $ 6,000 Salaries expense 180,000 Office supplies expense 2,000 Utilities expense 3,000 Malpractice insurance expense 9,000 Office rent expense 42,000 Continuing education expense 5,000 Depreciation expense: fixtures 8,000 Miscellaneous expense 4,000 Income taxes expense 36,000 295,000 Net income $ 55,000

Part A
Month Day Debit Credit
Counseling revenue 350,000
Income summary 350,000
Description: Close revenue account
Income summary
Advertising expense
Description:
Description:
Description:
Subtotal

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