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Beachside Realty ADJUSTED TRIAL BALANCE December 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,500.00 2 Accounts Receivable 2,13 Retained Earnings 2,700.00 14 Dividends 2,000.00 15 Rent Fees Earned 37,000.00 16 Furniture Rental Revenue 1,200.00 17 IntCHART OF ACCOUNTS Beachside Realty General Ledger ASSETS REVENUE 11 Cash 41 Rent Fees Earned 42 Furniture Rental Revenue 12 ALIABILITIES 54 Insurance Expense 55 Maintenance Expense 56 Income Tax Expense 21 Accounts Payable 22 Accrued Expenses PayablePrepare the entry required to close the revenue and expense accounts at December 31. Refer to the Chart Accounts for exact wo

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Answer #1
Income Statement
Revenues:
Rent fees earned 37,000
Furniture rental revenue 1,200
Interest revenue 100
Total revenue 38,300
Expenses:
Wages expense 19,000
Depreciation expense 1,800
Utilities expense 320
Insurance expense 700
Maintenance expense 9,000
Income tax expense 2,700
Total expenses -33,520
Net Income $4,780
Date Description Post. Ref. Debit Credit
Dec-31 Rent fees earned 41 $37,000
Furniture rental revenue 42 $1,200
Interest revenue 43 $100
Wages expense 51 $19,000
Depreciation expense 52 $1,800
Utilities expense 53 $320
Insurance expense 54 $700
Maintenance expense 55 $9,000
Income tax expense 56 $2,700
Retained earnings 32 $4,780
( To close revenue and expense account)

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