Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31.

	Debit	Credit
Cash	1,500
Accounts Receivable	2,000
Interest Receivable	100
Prepaid Insurance	1,600
Notes Receivable (long-term)	2,800
Equipment	15,000
Accumulated Depreciation		3,000
Accounts Payable		2,400
Accrued Expenses Payable		3,920
Income Taxes Payable		2,700
Unearned Rent fees		500
Common Stock		5,000
Retained Earnings		2,700
Dividends	2,000
Rent Fees Earned		37,000
Furniture Rental Revenue		1,200
Interest Revenue		100
Wages Expense	19,000
Depreciation Expense	1,800
Utilities Expense	320
Insurance Expense	700
Maintenance Expense	9,000
Income Tax Expense	2,700
	58,520	58,520

Prepare the entry required to close the expense accounts at the end of the period.

Answer rating: 100% (QA)

Answer At the end of period all the incomes and expenses are take... View the full answer