Reference no: EM132597471

Annabelle and Sarah are recording closing entries for For Rover's Sake. To record closing entries, the first step is to close revenue accounts into the income summary, followed by closing expense accounts into the income summary.

Annabelle and Sarah first debit the balance from revenue accounts and then credit those balances to the income summary. Then, they credit the balance from the expense accounts and debit those balances to the income summary (Scott, 2018).

For Rover's Sake has the following account balances:

Depreciation: $2,365
Sales: $913,428
Utilities: $6,314
Supplies: $2,481
Sales returns: $3,195
Advertising: $12,529
Interest revenue: $18,238
Insurance expenses: $25,327

Question 1: What will be income summary's credit figure after Annabelle and Sarah record their closing entries? Describe your calculation process and how this information could be used to make business decisions for the next month.