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Hernandez Company had the following adjusted trial balance: 7 Account Titles Debit Credit Cash Accounts Receivable 10,420 7,840 5,370 45,920 Supplies Equipment Accumulated Depreciation 7,300
Hernandez Company had the following adjusted trial balance: 7 Account Titles Debit Credit Cash Accounts Receivable 10,420 7,840 5,370 45,920 Supplies Equipment Accumulated Depreciation 7,300 Accounts Payable Deferred Rent Revenue 3,140 1,510 20,700 22,900 Capital Stock Retained Earnings Dividends 16,100 Commission Revenue 41,500 5,500 Rent Revenue Depreciation Expense Utilities Expense 3,400 8,100 5,400 Supplies Expense Total 102,550 102,550 Required: Prepare the first closing entry to close the revenue accounts to Income Summary. Date Account Title Debit Credit Dec. 31
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