Following are the financial statements for Zcom Inc ut August 31, 2014 Use this information to prepare the closing entries and to calculate the pot csing balance in the Rad eamings account Use the numbers below as the description for the corresponding closing entry.

1 Close all temporary credit balance accounts to the income summary account

2 Close all temporary debt balance accounts to the income summary account

3. Close the income summary ( net income) to retained earnings

4 Close the income summary (net loss) to retained earnings

5 Close dividends to retined earnings

Zcom Inc. Income Statement For Month Ended August 31, 2014 Revenues Interest earned 2,650 Consulting revenue earned 10,160 Rent earned 7,550 Total revenues Expenses Depreciation expense, equipment 1,120 Advertising expense. 9,360 Interest expense. 1,250 Total expenses Net income 20,360 11,730 8,630 Zcom Inc. Statement of Changes in Equity For Month Ended August 31, 2014 Share Retained Total Capital Earnings Equity Balance, August 1 10.500 14,120 24.620 Issuance of shares 3,900 3.900 Net income 8.630 8.630 Dividends (3.750) (3.750) Balance August 31. 14.400 19.000 33.400 Zcom Inc. Statement of Changes in Equity For Month Ended August 31, 2014 Share Retained Total Capital Earnings Equity Balance, August 1 10,500 14,120 24,620 Issuance of shares 3,900 3,900 Net income ho 8,630 8,630 Dividends (3,750) (3,750) Balance, August 31 14,400 19,000 33,400 Zcom Inc. Balance Sheet August 31, 2014 Assets Cash 6,670 Accounts receivable 14.440 Equipment 31,330 Accumulated depreciation, equipment 2,550 28,780 Total assets 49.890 Liabilities Advertising payable 2,330 Long-term notes payable. 14. 160 Total liabilities 16,490 Equity Share capital 14.400 Retained earnings. 19.000 Total equity 33.400 Total liabilities and equity. 49 890 Tabere-eea ce General Journal Account/Explanation Page GJS F Debit Credit Date + + Post-closing balance in Retained earnings =