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A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Common Stock 12/31 $ 8,941 1/1 $ 6,694 $ 21,794 12/31 6/30 Retained Earnings $ 2,633|12/31 $ 6,308 $ 8,941 11/30 12/31 Income Summary $ 16,966|12/31 $ 21,794 $ 38,760 12/31 Net income for the period is $16,966 $21,794 $6,694 O $38,760 End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 10,272 10,272 Dividends 1,000 1,000 Fees Earned 42,630 42,630 Wages Expense 20,823 20,823 Rent Expense 6,171 6,171 Depreciation Expense 4,908 4,908 Totals 75,902 75,902 31,902 42,630 44,000 33,272 Net Income (Loss) 10,728 10,728 42,630 42,630 44,000 44,000 The entry to close Income Summary would be Odebit Income Summary, $9,728; credit Common Stock, $9,728 Odebit Income Summary, $10,728, credit Retained Earnings, $10,728 debit Common Stock, $31,902; credit Income Summary, $31,902 Odebit Common Stock, $15,272; credit Income Summary, $15,272 Which of the statements below indicates that a company earned a net income for the period? The sum of the debits exceeds the sum of the credits in the Income Statement columns on the end-of-period spreadsheet. The sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet. Cash inflows exceed cash outflows. The sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the end-of-period spreadsheet. Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing)? prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance analyze and record transactions, post transactions to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries Chart of Accounts General Journal CHART OF ACCOUNTS Prepare the entry required to close the revenue accounts at December 31. Refer to the Chart of Accounts for exact wording of Beachside Realty account titles. General Ledger PAGE ASSETS REVENUE JOURNAL 11 Cash 41 Rent Fees Earned DATE DESCRIPTION POST. REF. DEBIT CREDIT 12 Accounts Receivable 42 Furniture Rental Revenue 1 Dec. 31 13 Interest Receivable 43 Interest Revenue 2 14 Prepaid Insurance 3 15 Notes Receivable EXPENSES 16 Equipment 51 Wages Expense 4 17 Accumulated Depreciation 52 Depreciation Expense 53 Utilities Expense LIABILITIES 21 Accounts Payable 22 Accrued Expenses Payable 54 Insurance Expense 55 Maintenance Expense 56 Income Tax Expense 23 Income Taxes Payable 24 Unearned Rent Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary Bandenynors and indfri Bow is the drid bado De L Beach Realty ADJUSTED TRIAL BALANCE December 31, 20 ACCOUNT TITLE CREDIT 1,500.00 2 Accounts Rece 2,000.00 Interest Recent 100.00 4 Prepeld me 1,600.00 Notes Receivable 2,900.00 15.000.00 3,000.00 2.400.00 Equipment Accued Depreciation Account Page Acord penses Payable 20 Interes Proble 11 Uneamed Rent Fees Corina Stack 3.920.00 2,700.00 500.00 3,000.00 13 Retained Earning 2,700 DO 2,000.00 Dividends Rent Fees Eamet 57,000.00 Furniture Rental 1,200.00 100.00 19,000.00 1,300.00 IT Interest Revenue Wages Expense 29 Depreciation Expense 20 Utilities Epe 21 Irene Expense 1. Mantenne 2 carte To Espenne 520.00 700.00 9,000.00 2,700.00 34 Total 51,520.00 31,520.00 Required: Prepare the entry meqared to the news the under the pred or to the char al Account for dig a' curt After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the Debit and Credit columns are $36,651 and $21,401 respectively. What is the amount of net income or net loss for the period? O$36,651 net loss O$21,401 net income O $15,250 net loss O$15,250 net income