Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31. Refer to the Chart of Accounts for exact wording of account titles. Robert Evans ADJUSTED TRIAL BALANCE December 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,500.00 2 Accounts Receivable 2,000.00 3 Interest Receivable 100.00 4 Prepaid Insurance 1,600.00 5 Notes Receivable 2,800.00 6 Equipment 15,000.00 7 Accumulated Depreciation 3,000.00 8 Accounts Payable 2,400.00 9 Accrued Expenses Payable 3,920.00 10 Income Taxes Payable 2,700.00 11 Unearned Rent Fees 500.00 12 Robert Evans, Capital 7,700.00 13 Robert Evans, Drawing 2,000.00 14 Rent Fees Earned 37,000.00 15 Furniture Rental Revenue 1,200.00 16 Interest Revenue 100.00 17 Wages Expense 19,000.00 18 Depreciation Expense 1,800.00 19 Utilities Expense 320.00 20 Insurance Expense 700.00 21 Maintenance Expense 9,000.00 22 Income Tax Expense 2,700.00 23 Totals 58,520.00 58,520.00 Required: Prepare the closing entry required to transfer the income or loss at the end of the period. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Robert Evans

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Interest Receivable
14	Prepaid Insurance
15	Notes Receivable
16	Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Accrued Expenses Payable
23	Income Taxes Payable
24	Unearned Rent Fees

	EQUITY
31	Robert Evans, Capital
32	Robert Evans, Drawing
33	Income Summary

	REVENUE
41	Rent Fees Earned
42	Furniture Rental Revenue
43	Interest Revenue

	EXPENSES
51	Wages Expense
52	Depreciation Expense
53	Utilities Expense
54	Insurance Expense
55	Maintenance Expense
56	Income Tax Expense