Reference no: EM132886296
Question - Felicity's Custom Framing has journalized their adjusting entries and prepared their adjusted trial balance. Using the adjusted trial balance, prepare the closing entries using the income summary account for the month of July.
Cash $8,480
Accounts Receivable $2,820
Prepaid Insurance $2,140
Equipment $23,560
Accumulated Depreciation $1,720
Accounts Payable $3,000
Interest Payable $110
Unearned Revenue $1,650
Bank Loan $5,450
Felicity, Capital $23,330
Felicity, Withdrawals $2,750
Service Revenue $9,300
Depreciation Expense $190
Insurance Expense $180
Interest Expense $110
Office Supplies Expense $260
Rent Expense $1,550
Salaries Expense $2,240
Telephone Expense $280
DR Total $44,560 CR $44,560
Required - Compute what is amount of income summary?