176. Below is the adjusted trial balance at December 31, 2010 for Beachside Realty, a company that rents condominiums and furnishings. Debit Credit Cash $ 1,500 ...





176. Below is the adjusted trial balance at December 31, 2010 for Beachside Realty, a company that rents condominiums and furnishings.













































































































































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







$7,000




Accounts payable







2,400




Accrued expenses payable







3,920




Income taxes payable







2,700




Unearned rent fees







500




Capital Stock







1,000




Retained Earnings







3,700




Dividends




2,000







Rent fees earned







36,000




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.

























































































































































177. Below is the adjusted trial balance at December 31, 2010 for Beachside Realty, a company that rents condominiums and furnishings.













































































































































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







$7,000




Accounts payable







2,400




Accrued expenses payable







3,920




Income taxes payable







2,700




Unearned rent fees







500




Capital Stock







1,000




Retained Earnings







3,700




Dividends




2,000







Rent fees earned







36,000




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 closing entry required to transfer the income or loss at the end of the period.

































































May 15, 2022
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