Answer:
$27,000
Explanation:
The closing entries are as follows:
1. Service fees earned A/c Dr $70,000
Interest revenue A/c Dr $7,000
To Income Summary $77,000
(Being revenue account closed)
2. Income summary A/c Dr $50,000
To Salaries expense $38,000
To Depreciation expense $8,000
To Utilities expense $4,000
(Being expenses accounts are closed)
3. Income summary A/c Dr $27,000 ($77,000 - $50,000)
To Retained earning $27,000
(Being the difference is credited to retained earning)
Therefore, the balance left in the income summary account is $27,000
