Evan Roberts owns a business, Shores Sports, that rents canoes and kayaks. The adjusted trial balance at December 31 is as follows: Account Debit Credit
No. Balances Balances
Cash 11 1,500
Accounts Receivable 12 2,000
Interest Receivable 13 100
Prepaid Insurance 14 1,600
Notes Receivable (long-term) 16 2,800
Equipment 18 15,000
Accumulated Depreciation 19 3,000
Accounts Payable 21 2,400
Accrued Expenses Payable 22 3,920
Income Taxes Payable 23 2,700
Unearned Rent Fees 25 500
Evan Roberts, Capital 31 7,700
Evan Roberts, Drawing 32 2,000
Rent Fees Earned 41 37,000
Furniture Rental Revenue 42 1,200
Interest Revenue 43 100
Wages Expense 51 19,000
Depreciation Expense 52 1,800
Utilities Expense 53 320
Insurance Expense 54 700
Maintenance Expense 55 9,000
Income Tax Expense 56 2,700
58,520 58,520
The entry required to close the revenue and expense accounts at the end of the period includes a
a. credit to Evan Roberts, Drawing for $38,300
b. debit to Evan Roberts, Capital for $4,780
c. credit to Evan Roberts, Capital for $4,780
d. debit to Evan Roberts, Drawing for $33,520