Question

Centre Construction Company Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 59.400 $ 27,000 $ 405,000 $ 129,600 $ 850,000 $ 180,900 $ 400,000 $ 121,500 $ 25,000 $ 230,000 $ 875,000 $ 43,200 $ 108,000 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 $ 8,600 $ 525,000 $ 9,000 $ 600,000 $ 46,000 $ 124,000 $ 373,000 $ 78,600 $ 156,600 $ 37,000 $ 86,400 $ 14,500 $ 533,000 $ 15,100 3,030,700 $ 3,030,700 $ When working through the closing entries at year-end, the total amount of all credits required to close out all expenses to Income Summary is. $ 995,200 þ$ 947,000 $ 1,036,200 $ 990,200 None of the above.

Answer 1

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Centre Construction
Total Expenses	Amount $
Depreciation expense	121,500.00
Interest Expense	43,200.00
Insurance Expense	108,000.00
Miscellaneous Expense	9,000.00
Wages Expense	533,000.00
Rent Expense	124,000.00
Supplies Expense	37,000.00
Utilities Expense	14,500.00
Total amount of all credits	990,200.00
So answer is $ 990,200.