The following is the adjusted trial balance as of December 31, 2015 of Current Times Watch Company:

Accounts Debit Credit

Cash $18,000

Accounts Receivable 30,000

Prepaid Insurance 9,000

Office Supplies 3,200

Building 165,000

Equipment 88,000

Land 45,000

Accounts Payable 12,000

Salaries Payable 2,000

Unearned service revenue 25,000

Martin, Capital 21,290

Martin, Withdrawals 25,840

Service Revenue 325,000

Salaries Expense 63,000

Office Supplies Expense 15,000

Insurance Expense 14,500

Utilities Expense 23,000 _______

Total $505,790 $505,790

Provide the closing entry for the Income Summary account.

Group of answer choices

Income Summary	115,500
Salaries Expense		63,000
Office Supplies Expense		15,000
Insurance Expense		14,500
Utilities Expense		23,000

Salaries Expense	63,000
Office Supplies Expense	15,000
Insurance Expense	14,500
Utilities Expense	23,000
Income Summary		115,500

Owners' Capital	115,500
Salaries Expense		63,000
Office Supplies Expense		15,000
Insurance Expense		14,500
Utilities Expense		23,000

None of the above

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