Frank's 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 December.

Cash$8,310 Dr

Accounts Receivable$2,500 Dr

Prepaid Insurance$2,050 Dr

Equipment$23,770 Dr

Accumulated Depreciation$1,740 Cr

Accounts Payable$3,960 Cr

Interest Payable$130 Cr

Unearned Revenue$2,470 Cr

Bank Loan$5,140 Cr

Frank, Capital$22,360 Cr

Frank, Withdrawals$3,410 Dr

Service Revenue$9,220 Cr

Depreciation Expense$270 Dr

Insurance Expense$240 Dr

Interest Expense$130 Dr

Office Supplies Expense$220 Dr

Rent Expense$1,650 Dr

Salaries Expense$2,210 Dr

Telephone Expense$260 Dr

Total$45,020 Dr / $45,020 Cr

When closing accounts, use the income summary method.

For the closing of the expense accounts, enter the expense accounts in alphabetical order.