The Parag Corporation\'s July 31 adjusted trial balance included many accounts,
ID: 2512193 • Letter: T
Question
The Parag Corporation's July 31 adjusted trial balance included many accounts, including the following:
$12,000
$18,000
$14,000
$4,000
$93,000
$7,000
$1,700
$12,500
$3,000
$3,300
$44,000
$7,000
$6,000
$3,200
$56,000
$2,000
Determine the dollar balance in the Corporation's income summary account before it was closed to retained earnings.
$10,500
$11,500
$14,500
$17,700
Accounts Payable$12,000
Accounts Receivable$18,000
Cash$14,000
Dividends$4,000
Fees Revenue$93,000
Income Taxes Expense$7,000
Income Taxes Payable$1,700
Insurance Expense$12,500
Interest Revenue$3,000
Prepaid Insurance$3,300
Retained Earnings$44,000
Supplies$7,000
Supplies Expense$6,000
Unearned Fees$3,200
Wages Expense$56,000
Wages Payable$2,000
Explanation / Answer
Balance in the Corporation's income summary account = (93000+3000)-(6000+56000+7000+12500)= $14500 Option C is correct
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