Question 39 2 pt The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Accumulated Depreciation S 3,200 Fees Eamed 17,400 Depreciation Expense 1,300 Insurance Expense 400 - Prepaid Insurance 4,800 Supplies 900 Supplies Expense 3.800 Net income for the period is $5,500 O $11.900 O $17.400 58,700 G Search or type URL + board Stockton Company Adjusted Trial Balance December 31 Cash 7.530 Accounts Receivable 2.100 Prepaid Expenses 700 Equipment 13,700 Wecumulated Depreciation 1.100 Accounts Payable 1.900 Notes Payable 4.300 Common Stock 1.000 Retained Earnings 12,940 Dividends 790 Fees and 9.250 Wapes Expense 2.500 Rest Expense 1.960 ilities Expense 775 Depreciation Expense 250 Miscellaneous Expo 10.40 30,490 SI O $21.910 Question 41 Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. Debit Credit 1,500 2,000 100 1,600 2,800 15,000 Cash Accounts Receivable Interest Receivable Prepaid Insurance Notes Receivable (long- term) Equipment Accumulated Depreciation Accounts Payable Accrued Expenses Payable Income Taxes Payable Uneared Rent Fees Common Stock Dividends Rental Revenue Service Revenue Wages Expense Depreciation Expense Utilities Expense Insurance Expense Maintenance Expense Income Tax Expense Totals 3,000 2,400 3.920 2,700 500 7,700 2.000 37.000 1,300 19.000 1,800 320 700 9,000 2.700 58,520 58.520 The entry required to close the revenue and expense accounts at the end of the period includes a debit to Retained Earnings for 533,520 O credit to Retained Earnings for $33,520 Odebitte Retained Famnings for 54.780 O credit to Retained Earnings for 54.780 Question 42