The following is the adjusted trial balance as of December 31, 2016 of Mason Photography:
Account Debit Credit
Cash $1,700
Accounts Receivable 8,500
Supplies 100
Equipment 7,500
Accumulated Depreciation—Equipment $2,000
Accounts Payable
What will be an ideal response
Service Revenue 40,000
Income Summary 40,000
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Indicate whether the statement is true or false