Question

Stream Time Company Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 39,000 $ 23,500 $ 67,000 $ 89,000 $315,700 $ 88,000 $ 526,000 $ 31,600 $ 11,000 $ 112,000 $ 312,200 $ 9,000 $ 20,300 Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Building Cash Common Stock Depreciation Expense Dividends Equipment Fees Earned Interest Expense Insurance Expense Interest Payable Land Miscellaneous Expense Notes Payable Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 4,000 $ 386,000 $ 2,400 $ 175,000 $ 21,000 $ 102,000 $ 27,800 $ 126,300 $ 63,000 $ 9,800 $ 45,000 $ 5,000 $ 214,000 $ 3,000 1,414,300 $ 1,414,300 $ When working through the closing entries at year-end, the total amount of all debits required to close out all revenue to Income Summary is ... b $ 483,500 $ 438,500 þ$ 126,300 $ 415,100 None of the above.

Answer 1

Fee earned = $312,200

Sales revenue = $126,300

Total revenues = Fee earned + Sales revenue

= 312,200 + 126,300

= $438,500

Total amount of all debits required to close out all revenues to income summary is $438,500

Second option is correct.