Preparing Adjusting Entries, Trial Balances, Financial Statements, and Closing Entries

The unadjusted trial balance for Brown Inc. follows.

Additional information for accounting adjustments

A year$-$end count revealed $$2,000$ of supplies still available.

Annual depreciation expense on the equipment is $$1,000$

Unpaid and unrecorded salaries is $$2,000$ at year$-$end.

The note payable calls for annual interest of $8\%,$ payable each September $30.$ The principal amount of the note is not due for several years.

$\backslash$table$[[$Adjusting Journal Entries $,$ Adjusted Trial Balance $,$ Financial Statements,Closing Journal Entries$]]$

d$.$ Prepare the closing entries, using the Income Summary account to close out revenues and expenses.