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Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. Beachside Realty ADJUSTED TRIAL BALANCE December 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,500.00 2,000.00 100.00 1,600.00 2,800.00 2 Accounts Receivable 3 Interest Receivable 4 Prepaid Insurance 5 Notes Receivable (long-term) 6 Equipment 7 Accumulated Depreciation 8 Accounts Payable 9 Accrued Expenses Payable 15,000.00 3,000.00 2,400.00 3,920.00 10 Income Taxes Payable 2,700.00 500.00 5,000.00 2,700.00 11 Unearned Rent Fees 12 Common Stock 13 Retained Earnings 14 Dividends 15 Rent Fees Earned 16 Furniture Rental Revenue 2,000.00 37,000.00 1,200.00 100.00 19,000.00 17 Interest Revenue 18 Wages Expense 19 Depreciation Expense 20 Utilities Expense 21 Insurance Expense 1,800.00 320.00 700.00 22 Maintenance Expense 9,000.00 23 Income Tax Expense 2,700.00 24 Totals 58,520.00 58,520.00 Chart of Accounts CHART OF ACCOUNTS Beachside Realty General Ledger REVENUE 41 Rent Fees Earned 42 Furniture Rental Revenue 43 Interest Revenue ASSETS 11 Cash 12 Accounts Receivable 13 Interest Receivable 14 Prepaid Insurance 15 Notes Receivable (long-term) 16 Equipment 17 Accumulated Depreciation EXPENSES 51 Wages Expense 52 Depreciation Expense 53 Utilities Expense 54 Insurance Expense 55 Maintenance Expense 56 Income Tax Expense LIABILITIES 21 Accounts Payable 22 Accrued Expenses Payable 23 Income Taxes Payable 24 Unearned Rent Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary Prepare the entry required to close the revenue and expense accounts at December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Dec. 31 Rent Fees Earned 37,000.00 + 2 Furniture Rental Revenue 1,200.00 1 3 Interest Revenue 100.00 + 4 Wages Expense 19,000.00 f 5 Depreciation Expense 1,800.00 1 6 Utilities Expense 320.00 1 7 Insurance Expense 700.00 1 8 Maintenance Expense 9,000.00 9 Income Tax Expense 2,700.00 1 10 Retained Earnings 4,780.00 f

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