Nelson Company had the following adjusted trial balance: Account Titles Debit Credit Cash 12,050 Accounts Receivable 8,480 Supplies 6,190 56,820 Equipment Accumulated Depreciation 8,400 Accounts Payable 4,580 Deferred Rent Revenue Capital Stock 1,760 23,500 22,900 Retained Earnings Dividends 15,100 Commission Revenue 53,600 5,300 Rent Revenue Depreciation Expense 6,200 Utilities Expense 9,400 5,800 Supplies Expense Total 120,040 120,040 Required: Prepare the third closing entry to close the Income Summary account to the Retained Earnings account, given that net income for the period = $37,500. Date Account Title Debit Credit Dec. 31