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On December 31, Long Company had the following adjusted trial balance: Arcount Titles nehit Crerdit Cash Accounts Receivable Prepaid Rent 10,060 9,200 5,930 47,000 8,600

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On December 31, Long Company had the following adjusted trial balance: Arcount Titles nehit Crerdit Cash Accounts Receivable Prepaid Rent 10,060 9,200 5,930 47,000 8,600 30,900 24,500 22,500 Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Sales Sales Discounts Sales Returns and Allowances Cost of Goods Sold Selling Expenses General and Administrative Expenses 17,000 69,400 1,020 950 41.640 13,100 10,000 155,900 155,900 Required Prepare the first closing entry to close the revenue accounts to Income Summary

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