(Solved): Following is the adjusted trial balance, with accounts listed in alphabetical order for ABC Inc. a ...

Following is the adjusted trial balance, with accounts listed in alphabetical order for ABC Inc. at July 31, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account 3. Close the income summary (net income) to retained earnings. 4. Close the income summary (net loss) to retained earnings. 5. Close dividends to retained earnings. Enter the dates in the format dd/mmm (ie. 15/Jan). ABC Inc. General Journal Account/Explanation Page GJ8 F Debit Credit Adjusted Trial Balance Date July 31, 2014 +- Debit Credit 8,660 Accounts receivable Accumulated depreciation, building 7,960 Building 32,470 +- Cash 6,090 Commissions earned 6,150 Consulting revenue earned 7,290 +- Depreciation expense, building. 1,930 Dividends 2,630 Office supplies expense 4,660 + - Rent earned 10,770 Rent expense 5,030 Rent payable 3,640 Retained earnings 9,510 Share capital 16,150 61,470 61,470 Totals