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Foster's Deck Repair has journalized their adjusting entries and prepared their adjusted trial balance. The company uses the income summary method to close the accounts
Foster's Deck Repair has journalized their adjusting entries and prepared their adjusted trial balance. The company uses the income summary method to close the accounts Foster's Deck Repair Adjusted Trial Balance October 31, 2019 Account Titles DR CR Cash $8,460 Accounts Receivable $2,480 Prepaid Insurance $2,630 Prepaid Rent $1,110 Equipment $23,240 Accumulated Depreciation $1,950 Accounts Payable $3,490 Interest Payable $100 Unearned Revenue $2,480 Bank Loan $5,440 Foster, Capital $22,090 Foster, Withdrawals $3,140 Service Revenue $9,790 Depreciation Expense $200 Insurance Expense $190 Interest Expense $100 Rent Expense $1,430 Salaries Expense $2,110 Telephone Expense $250 Total $45.340 $45.340 Salaries Expense Telephone Expense Total $2,110 $250 $45,340 $45,340 Use the Journal Entry templates to complete the question Answer the following multiple choice questions by selecting the correct answer from the dropdown boxes. What is the balance of income summary account after closing the revenue and expense accounts? What would be the correct journal entry to close the income summary account to the capital account? What would be the correct journal entry to close the withdrawals account? What is the balance of capital account in the post closing trial balance? What is the total debit and credit balance of the post closing trial balance
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