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Account Titles Debit Credit Cash $ 102 Accounts...

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Accounting

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Account Titles Debit Credit Cash $ 102 Accounts receivable 40 Supplies 23 Prepaid insurance 43 Land 55 Tents 250 Buildings and other equipment 465 Accumulated depreciation 63 Trademark 58 Accounts payable 35 Accrued liabilities 15 Unearned rent revenue 66 Long-term mortgage note payable 125 Common stock 450 Retained earnings. 01/01/19 275 Dividends 28 Rental fee revenue 277 277 Rental fee revenue Wages expense 108 Supplies expense 27 39 Depreciation expense General and administrative expenses 44 Interest expense 10 Income tax expense 14 Totals $1,306 $1,306 Required: Use the above adjusted trial balance for Rent-A-Tent to complete the following. Be sure to show your calculations. Answers without supporting calculations will receive 0 points. 1. Compute the net income for the fiscal year. 17 points) 2. Prepare the journal entry to close the income summary account at the end of the fiscal year. (5 points) (You can copy and paste the journal entry table below into your answer and fill in the table.) Date Accounts Debit Credit 3. Compute the ending retained earnings balance for December 31, 2019. (3 points)

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