Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31: Robert Evans

ADJUSTED TRIAL BALANCE

December 31, 20--

ACCOUNT TITLE DEBIT CREDIT
Cash 1,500.00
Accounts Receivable 2,000.00
Interest Receivable 100.00
Prepaid Insurance 1,600.00
Notes Receivable 2,800.00
Equipment 15,000.00
Accumulated Depreciation 3,000.00
Accounts Payable 2,400.00
Accrued Expenses Payable 3,920.00
Income Taxes Payable 2,700.00
Unearned Rent Fees 500.00
Robert Evans, Capital 7,700.00
Robert Evans, Drawing 2,000.00
Rent Fees Earned 37,000.00
Furniture Rental Revenue 1,200.00
Interest Revenue 100.00
Wages Expense 19,000.00
Depreciation Expense 1,800.00
Utilities Expense 320.00
Insurance Expense 700.00
Maintenance Expense 9,000.00
Income Tax Expense 2,700.00
Totals 58,520.00 58,520.00
Required:

Prepare the closing entry required to transfer the income or loss at the end of the period.

Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Robert Evans General Ledger

ASSETS

11 Cash

12 Accounts Receivable

13 Interest Receivable

14 Prepaid Insurance

15 Notes Receivable

16 Equipment

17 Accumulated Depreciation

LIABILITIES

21 Accounts Payable

22 Accrued Expenses Payable

23 Income Taxes Payable

24 Unearned Rent Fees

EQUITY

31 Robert Evans, Capital

32 Robert Evans, Drawing

33 Income Summary

REVENUE

41 Rent Fees Earned

42 Furniture Rental Revenue

43 Interest Revenue

EXPENSES

51 Wages Expense

52 Depreciation Expense

53 Utilities Expense

54 Insurance Expense

55 Maintenance Expense

56 Income Tax Expense