Reference no: EM132885803
Question - Focus Consulting 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 April and create the post-closing trial balance.
Focus Consulting Adjusted Trial Balance April 30, 2019
Account Titles DR CR
Cash $6,520
Accounts Receivable $1,350
Prepaid Insurance $1,550
Equipment $10,720
Accumulated Depreciation $220
Accounts Payable $1,780
Interest Payable $110
Unearned Revenue $1,020
Bank Loan $2,600
Nathaniel, Capital $11,880
Nathaniel, Withdrawals $660
Service Revenue $5,600
Depreciation Expense $180
Insurance Expense $130
Interest Expense $110
Office Supplies Expense $440
Rent Expense $1,130
Telephone Expense $420
Total $23,210 $23,210
Required - What is income summary and capital?