How to close the revenue account?

How to close the expense account?

How to close the income summary account?

How to close the withdrawals account?

What was the net income or net loss?

The adjusted trial balance for Star City Research includes these accounts and bala i Adjusted trial balance X i (Click the icon to view the adjusted trial balance.) Required Star City Research uses the perpetual inventory system. Journalize Star City Rese h's net income or net loss? Adjusted Trial Balance Journalize Star City Research's closing entries at December 31, 2020. December 31, 2020 Debit Credit Prepare the entry to close the revenue account. (Record debits first, then credits Account Cash 17,000 Journal Entry Accounts receivable 29,700 Date Accounts Debit Inventory 62, 100 December 31 Supplies 12,200 Store fixtures 70,000 Accumulated amortization 42,000 Accounts payable 31,200 Close out the expense accounts. Salaries payable 3,800 Journal Entry Note payable, long-term 12,500 Accounts Debit B. Wells, capital 41,800 Date B. Wells, withdrawals 34,000 December 31 Sales revenue 433,600 Sales discounts 4,300 Cost of goods sold 245,800 Selling expenses 51,800 General expenses 36,900 Interest expense 1, 100 Close out the income summary account. 564,900 564,900 Total Journal Entry