Question

In: Accounting

On December 31, Gray Company had the following adjusted trial balance: Additional Resources Account Titles Debit...

On December 31, Gray Company had the following adjusted trial balance:

Additional Resources

Account Titles Debit Credit
Cash

14,560
Accounts Receivable

8,470
Prepaid Rent

7,140
Equipment

46,200
Accumulated Depreciation

7,800
Accounts Payable

33,320
Capital Stock

22,000
Retained Earnings

24,600
Dividends

16,000
Sales

71,800
Sales Discounts

1,150
Sales Returns and Allowances

1,420
Cost of Goods Sold

43,080
Selling Expenses

10,100
General and Administrative Expenses

11,400

159,520

159,520

Required
Prepare the third closing entry to close the Income Summary account to the Retained Earnings account.

Date Account Title Debit Credit
(Choose one)Accumulated DepreciationAccounts PayableAccounts ReceivableCapital StockCashCost of Goods SoldDividendsEquipmentGeneral and Administrative ExpensesIncome SummaryPrepaid RentRetained EarningsSalesSales DiscountsSelling ExpensesSales Returns and Allowances
(Choose one)Accumulated DepreciationAccounts PayableAccounts ReceivableCapital StockCashCost of Goods SoldDividendsEquipmentGeneral and Administrative ExpensesIncome SummaryPrepaid RentRetained EarningsSalesSales DiscountsSelling ExpensesSales Returns and Allowances
(Choose one)Accumulated DepreciationAccounts PayableAccounts ReceivableCapital StockCashCost of Goods SoldDividendsEquipmentGeneral and Administrative ExpensesIncome SummaryPrepaid RentRetained EarningsSalesSales DiscountsSelling ExpensesSales Returns and Allowances
(Choose one)Accumulated DepreciationAccounts PayableAccounts ReceivableCapital StockCashCost of Goods SoldDividendsEquipmentGeneral and Administrative ExpensesIncome SummaryPrepaid RentRetained EarningsSalesSales DiscountsSelling ExpensesSales Returns and Allowances
(Choose one)Accumulated DepreciationAccounts PayableAccounts ReceivableCapital StockCashCost of Goods SoldDividendsEquipmentGeneral and Administrative ExpensesIncome SummaryPrepaid RentRetained EarningsSalesSales DiscountsSelling ExpensesSales Returns and Allowances

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