Telephone Expense Total 220 34,120 34,820 Adjud Trial Balance Account Debit Credit $4,000 Prepaid Rent Equipment 2,400 8.000 Accumulated Depreciation $120 Unearned Revena 600 Notes Payable 2,000 Green Capital 8.100 Green, Withdrawals 1.500 Service Revenue 5,400 Advertising Expense 300 Depreciation Expense 120 Rent Expense 300 Telephone Expe 100 Total 3. Based on the adjusted trial balance, close the Income Summary account and Owner's Drawings. Calculate the new balance of owner's capital. Prepare the closing entries to close revenue and expenses: DATE ACCOUNT TITLE & EXPLANATION Mar 31 Service Revenue Income Summary Close service reve Mar 31 Income Summary Advertising Expe Telephone Expense Close expense accounts DEBIT CREDIT Prepare the closing entries to close income summary and withdrawal: DATE ACCOUNT TITLE & EXPLANATION Mar 31 Income Summary Grom, Capital Close Income Summary Mar 31 Goom, Capital Go Withdra Close Owner's With DEBIT CREDIT