QUESTION 60 Ob. The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would be: Dec. 31 Income Summary 925 a. Fees Earned 750 Rent Revenue 175 Dec. 31 Revenues 925 Income Summary 925 Dec. 31 Fees Earned 750 . Rent Revenue 175 Income Summary 925 Dec. 31 Income Summary 925 Revenues 925 Od. Adjusted Trial Balance December 31 Cash 7,530 Accounts Receivable 2,100 700 Prepaid Expenses Equipment Accumulated Depreciation 13,700 1,100 Accounts Payable 1,900 Notes Payable 4,300 Common Stock Retained Earnings Dividends 1,000 12,940 790 Fees Earned 9,250 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 185 Totals 30,490 30,490 Determine the net income (loss) for the period. a. net income $3.580