The following is the adjusted trial balance as of December 31, 2017 of Martin Watch, Inc
:
Accounts Debit Credit
Cash $ 18,000
Accounts Receivable 30,000
Prepaid Insurance 9,000
Office Supplies 3,200
Building 165,000
Accumulated Depreciation-Building $ 12,000
Equipment 88,000
Accumulated Depreciation-Equipment 8,500
Land 45,000
Accounts Payable 12,000
Salaries Payable 2,000
Unearned Revenue 25,000
Mortgage Payable 100,000
Common Stock 21,290
Dividends 25,840
Service Revenue 325,000
Salaries Expense 63,000
Depreciation Expense-Building and Equipment 6,250
Supplies Expense 15,000
Insurance Expense 14,500
Utilities Expense 23,000 _______
Total $505,790 $505,790
Provide the closing entry for revenues.
What will be an ideal response
Service Revenue 325,000
Income Summary 325,000
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