Answer Happy

Ross Company had the following adjusted trial balance: Cash Dec. Account Titles Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Date Total 31 Debit Account Title 16,420 7,860 7,380 50,900 15,200 3,900 9,500 5,000 116,160 Credit Required: Prepare the third closing entry to close the Income Summary account to the Retained Earnings account, given that net income for the period = $35,200. 7 8,600 4,610 1,950 24,000 23,400 46,800 6,800 116,160 Debit Credit