Question
Patterson Company had the following adjusted trial balance: Account Titles Debit Credit Cash 15,130 Accounts Receivable 9,820 Supplies 7,400 Equipment 51,700 Accumulated Depreciation 6,900 Accounts
Patterson Company had the following adjusted trial balance: Account Titles Debit Credit Cash 15,130 Accounts Receivable 9,820 Supplies 7,400 Equipment 51,700 Accumulated Depreciation 6,900 Accounts Payable 4,670 Deferred Rent Revenue 1,880 Capital 45,500 Drawing 14,000 Commission Revenue 49,100 Rent Revenue 7,300 Depreciation Expense 3,400 Utilities Expense 8,800 Supplies Expense 5,100 Total 115,350 115,350 Check Required: Prepare the third closing entry to close the Income Summary account to the Capital account, given that net income for the period $39,100. Date Account Title Dec. 31 Debt Credit
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