The following is Ponyman Industries' adjusted trial balance in account order for the year ended October $31,2018.$

Ponyman

Adjusted Trial Balance

October $31,2018$

Account Titles DR CR

Cash $$3,070$

Accounts Receivable $$2,790$

Merchandise Inventory $$17,030$

Prepaid Rent $$8,200$

Equipment $$43,140$

Accumulated Depreciation $$550$

Accounts Payable $$2,170$

Unearned Revenue $$2,320$

Salaries Payable $$2,980$

Knope, Capital $$62,405$

Sales Revenue $$78,990$

Sales Discounts $$1,450$

Sales Returns and Allowances $$360$

Cost of Goods Sold $$39,495$

Depreciation Expense $$1,100$

Rent Expense $$9,080$

Salaries Expense $$15,680$

Utilities Expense $$8,020$

Total $$149,415$ $$149,415$

Do not enter dollar signs or commas in the input boxes.

When closing accounts, use the income summary method.

To close the expense accounts, enter them in the order presented on the trial balance.

Prepare the journal entries to close the appropriate accounts.

Date Account Title and Explanation Debit Credit

$2018$

Oct $31$ Answer

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Close revenue accounts

Oct $31$ Answer

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Close expense accounts

Oct $31$ Answer

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Close income summary account