Question
this is an adjusted trial balance of American chip co. as of December 31, 2018 debit credit cash 14,000 accounts recieveable 83,000 inventory 36,000 equipment
this is an adjusted trial balance of American chip co. as of December 31, 2018
debit credit
cash 14,000
accounts recieveable 83,000
inventory 36,000
equipment 325,000
accumulated depreciation- equipment 137,000
accounts payable 38,000
bonds payable 49,100
common stock 100,000
retained earnings 83,000
dividends 6,000
sales revenue 780,000
interest revenue 4,500
cost of goods sold 435,000
salaries expense 130,000
rent expense 18,000
depreciation expense 33,000
income expense 5,300
insurance expense 6,300
after the 3rd closing entry to close the income summary account has been posted what is the balance of the income summary account?
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