Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Prepare the entry to close the revenue accounts at the end of the period.
Debit Credit
Cash $1,500
Accounts Receivable 2,000
Interest receivable 100
Prepaid insurance 1,600
Notes receivable (long-term) 2,800
Equipment 15,000
Accumulated depreciation $3,000
Accounts payable 2,400
Accured expenses payable 3,920
Income taxes payable 2,700
Unearned rent fees 500
Bob evans, capital 3,700
Bob evans, drawings 2,000
Rent fees earned 37,000
Furniture rental revenue 1,200
Interest revenue 100
Wages expense 19,000
Depreciation expense 1,800
Untilities expense 320
Insurance expenses 700
Maintenance expenses 9,000
Income tax expense 2,700
Total $56,520 $56,520