Peterson Company had the following adjusted trial balance: Account Titles Debit Credit Cash 13,190 Accounts Receivable...

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Peterson Company had the following adjusted trial balance: Account Titles Debit Credit Cash 13,190 Accounts Receivable 9,910 Supplies 6,750 Equipment 45,700 Accumulated Depreciation 8,800 Accounts Payable 4,290 Deferred Rent Revenue Capital Stock 1,520 21,400 Retained Earnings 20,600 Dividends 15,100 Commission Revenue 46,640 Rent Revenue 6,900 Depreciation Expense 5,300 Utilities Expense 8,800 Supplies Expense 5,400 Total 110,150 110,150 Required: Prepare the second closing entry to close the expense accounts to Income Summary. Date Dec. 31 Account Title Debit Credit Peterson Company had the following adjusted trial balance: Account Titles Debit Credit Cash 13,190 Accounts Receivable 9,910 Supplies 6,750 Equipment 45,700 Accumulated Depreciation 8,800 Accounts Payable 4,290 Deferred Rent Revenue Capital Stock 1,520 21,400 Retained Earnings 20,600 Dividends 15,100 Commission Revenue 46,640 Rent Revenue 6,900 Depreciation Expense 5,300 Utilities Expense 8,800 Supplies Expense 5,400 Total 110,150 110,150 Required: Prepare the second closing entry to close the expense accounts to Income Summary. Date Dec. 31 Account Title Debit Credit

Answer rating: 100% (QA)

Answer To close the expense accounts to Income Summary we need to transfer the balances ... View the full answer