Record Closing entries using the following excerpts from My Co's.

A) How much was net income for the period?

B) How much did retained earnings change over the period?

70 adjusted trial balance. Assume My Co uses an income summary account. Accounts Payable 350 Prepaid Rent Accounts Receivable 210 Rent Expense Advertising Expense 70 Retained Earnings Cash 105 Service Revenue Common Stock 140 Unearned Revenue Dividends 140 Wage Expense Note Payable 245 Wages Payable 140 420 770 280 350 70