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Thompson Company had the following adjusted trial balance: Credit Account Titles Cash Accounts Receivable Debit 10,090 8,600 5,330 53,840 Supplies Equipment Accumulated Depreciation Accounts Payable
Thompson Company had the following adjusted trial balance: Credit Account Titles Cash Accounts Receivable Debit 10,090 8,600 5,330 53,840 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue 6,600 4,620 Capital Stock 1.640 25,000 21,400 Retained Earnings Dividends 13,000 Commission Revenue 44,900 6,400 Rent Revenue Depreciation Exponse Utilities Expense 4,100 9,700 5.900 110.560 Supplies Expense Total 110.560 Required: Prepare the third closing entry to close the Income Summary account to the Retained Earnings account, given that net income for the period - $31,600
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