Shown below is a trial balance for Novelty Toys, Inc., on December 31, after adjusting entries: Novelty Toys, Inc. Trial Balance December 31 Cash Accounts Receivable Office Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Fees Earned Salaries Expense Advertising Expense Depreciation Expense $15,400 12,700 22,300 $5,900 (1) Net income for the period equals: (1000) 7,700 22,400 -0- 7,400 15,800 3,200 4,200 $81,000 $81,000 Debit Credit 45,000 2) After closing the accounts, Retained Earnings at December 31 equals: (1pts)) 3) The total debits in the After-Closing Trial Balance will equal: (p) 4) Income Summary will have what balance before it is closed? (Ipts) 5) Assume instead that Fees Earned totaled $20,000 for the fiscal year. After closing revenue and expenses to income summary, would income summary account have a net debit or credit balance? (po) Next 1