The Zaarour Corporation\'s October 31 adjusted trial balance included many accou
ID: 2431119 • Letter: T
Question
The Zaarour Corporation's October 31 adjusted trial balance included many accounts, including the following.
$21,000
$27,000
$23,000
$13,000
$152,000
$16,000
$10,700
$21,000
$12,000
$12,300
$53,000
$16,000
$15,000
$12,000
$65,000
$11,000
Determine the dollar balance in the Corporation's income summary account before it was closed to retained earnings.
$152,000
$34,000
$0
$47,000
Accounts Payable$21,000
Accounts Receivable$27,000
Cash$23,000
Dividends$13,000
Fees Revenue$152,000
Income Taxes Expense$16,000
Income Taxes Payable$10,700
Insurance Expense$21,000
Interest Revenue$12,000
Prepaid Insurance$12,300
Retained Earnings$53,000
Supplies$16,000
Supplies Expense$15,000
Unearned Fees$12,000
Wages Expense$65,000
Wages Payable$11,000
Explanation / Answer
Option D is the answer
To calculate easily,
Income summary account balance = All revenues - All expenses
= (Fees Revenue + Interest revenue) - (Supplies expense + Wages Expense + income taxes expense)
= (152000+12000) - (15000+65000+16000+21000)
= $47,000
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