What does Closing Entry #3 (close income summary) include, based on the trial balance below for the year ending December 31, 2018? Cash Accounts Receivable Trucks Account Accumulated Depreciation Accounts Payable Wages Payable K. Wilson, Capital K. Wilson, Withdrawals Trucking Fees Earned Wages Expense Depreciation Expense Other Expenses Debit Income Summary for $130,000 Debit Income Summary = Net Income Credit Income Summary for $130,000 Debit $ 96,000 17,500 172,000 Credit $ 36,000 65,000 4,000 175,000 20,000 130,000 61,000 23,500 20,000
What does Closing Entry #3 (close income summary) include, based on the trial balance below for the year ending December 31, 2018? Cash Accounts Receivable Trucks Account Accumulated Depreciation Accounts Payable Wages Payable K. Wilson, Capital K. Wilson, Withdrawals Trucking Fees Earned Wages Expense Depreciation Expense Other Expenses Debit Income Summary for $130,000 Debit Income Summary = Net Income Credit Income Summary for $130,000 Debit $ 96,000 17,500 172,000 Credit $ 36,000 65,000 4,000 175,000 20,000 130,000 61,000 23,500 20,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
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![What does Closing Entry #3 (close income summary) include, based on the trial balance below for the year ending December 31, 2018?
Cash
Accounts Receivable
Trucks
Account
Accumulated Depreciation
Accounts Payable
Wages Payable
K. Wilson, Capital
K. Wilson, Withdrawals
Trucking Fees Earned
Wages Expense
Depreciation Expense
Other Expenses
Debit Income Summary for $130,000
Debit Income Summary = Net Income
Credit Income Summary for $130,000
Debit
$
96,000
17,500
172,000
Credit
$ 36,000
65,000
4,000
175,000
20,000
130,000
61,000
23,500
20,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F22b03bfe-fab8-4fd2-b3b5-1611464c1834%2F5fa0efa3-87de-4b69-a82a-bb98e9961e13%2Fr3hf1ln_processed.png&w=3840&q=75)
Transcribed Image Text:What does Closing Entry #3 (close income summary) include, based on the trial balance below for the year ending December 31, 2018?
Cash
Accounts Receivable
Trucks
Account
Accumulated Depreciation
Accounts Payable
Wages Payable
K. Wilson, Capital
K. Wilson, Withdrawals
Trucking Fees Earned
Wages Expense
Depreciation Expense
Other Expenses
Debit Income Summary for $130,000
Debit Income Summary = Net Income
Credit Income Summary for $130,000
Debit
$
96,000
17,500
172,000
Credit
$ 36,000
65,000
4,000
175,000
20,000
130,000
61,000
23,500
20,000
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