Question 5 Not yet answered After completing the question below, provide a written explanation for how you answered this question. Failure to provide an adequate explanation will result in the question below being marked 0. Marked out of 1.00 7 B I iii 3 ? P Flag question Question 6 Not yet Fox's Deck Repair 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 October and create the post-closing trial balance. answered question October 31, 2019 Account Titles DR CR Cash $8,100 Accounts Receivable $2,990 Prepaid Insurance $2,120 Prepaid Rent $1,860 Equipment $23,480 Accumulated Depreciation $1,530 Accounts Payable $3,260 Interest Payable $70 Unearned Revenue $1,550 Bank Loan $5,480 Fox, Capital $25,040 Fox, Withdrawals $3,360 Service Revenue $9,250 Depreciation Expense $240 Insurance Expense $280 Interest Expense $70 Rent Expense $1,830 Salaries Expense $1,690 Telephone Expense $160 Total $46,180 $46,180 Total $46,180 $46,180 Do not enter dollar signs or commas in the input boxes. When closing accounts, use the income summary method. For the closing of the expense accounts, enter the expense accounts in alphabetical order. Date Account Title and Explanation Debit Credit 2019 Oct 31 Close revenue accounts Oct 31 - Close expense accounts Oct 31 Close income summary account Oct 31 Close owner's withdrawals Fox's Deck Repair Post-Closing Trial Balance October 31, 2019 Account Titles DR CR Cash Post-Closing Trial Balance October 31, 2019 Account Titles DR CR Cash Accounts Receivable Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Interest Payable Unearned Revenue Bank Loan Fox, Capital Total If the direct method was used instead, is the income summary account still used