Shown below is a trial balance for Novelty Toys, Inc. on December 31, after adjusting entries: Novelty Toys, Inc. Trial Balance December 31 Cash $7750 Accounts Receivable 6,375 Office Equipment 11.250 Accumulated Depreciation $3,000 Accounts Payable 3,875 Capital Stock 11,250 Retained Earnings 0 Dividends 3.750 Fees Earned 22.750 Salaries Expense 8,000 Advertising Expense 1,625 Depreciation Expense 2,125 $40,875 $40,875 The entry to close the Fees Earned account will: Produce a zero balance in that account when posted. include a credit to Fees Earned Include a debit to Capital Stock Include a debit to Income Summary Shown below is a trial balance for Novelty Toys, Inc. on December 31, after adjusting entries: Novelty Toys, Inc. Trial Balance December 31 Cash $7750 Accounts Receivable 6,375 Office Equipment 11.250 Accumulated Depreciation $3,000 3,875 11,250 Accounts Payable Capital Stock Retained Earnings Dividends 0 3,750 Fees Earned 22,750 Salaries Expense 8,000 Advertising Expense 1,625 Depreciation Expense 2,125 $40,875 I Net income for the period equals: $40,875 $11,000 $5,800 $11,250 $18,375 Question 16 Shown below is a trial balance for Novelty Toys, Inc. on December 31, after adjusting entries: Novelty Toys, Inc. Trial Balance December 31 Cash $7750 Accounts Receivable 6,375 Office Equipment 11,250 $3,000 Accumulated Depreciation Accounts Payable 3,875 Capital Stock 11,250 Retained Earnings Dividends 3,750 Fees Earned 22,750 Salaries Expense 8,000 Advertising Expense 1,625 Depreciation Expense 2.125 540,875 $40,875 After closing the accounts, Retained Earnings at December 31 equals: $7.250 $22.250 Zero $11,000 Shown below is a trial balance for Novelty Toys, Inc. on December 31, after adjusting entries: Novelty Toys, Inc. Trial Balance December 31 Cash $7750 Accounts Receivable 6,375 Office Equipment 11.250 Accumulated Depreciation $3,000 Accounts Payable 3,875 Capital Stock 11,250 Retained Earnings 0 Dividends 3,750 Fees Earned 22.750 Salaries Expense 8.000 Advertising Expense 1,625 Depreciation Expense 2,125 540,875 $40,875 Income Summary will have what balance before it is closed? $11,000 Zero $7.250 $11.750