The most important element in FICO credit scoring is your payment history

The following is the adjusted trial balance as of December 31, 2017 of Piedmont Exteriors, Inc

: Accounts Debit Credit Cash $ 18,000 Accounts Receivable 30,000 Prepaid Insurance 9,000 Office Supplies 3,200 Building 165,000 Accumulated Depreciation-Building $ 12,000 Equipment 88,000 Accumulated Depreciation-Equipment 8,500 Land 45,000 Accounts Payable 12,000 Salaries Payable 2,000 Unearned Revenue 25,000 Mortgage Payable 100,000 Common Stock 21,290 Dividends 25,840 Service Revenue 325,000 Salaries Expense 63,000 Depreciation Expense-Building and Equipment 6,250 Supplies Expense 15,000 Insurance Expense 14,500 Utilities Expense 23,000 _______ Total $505,790 $505,790 Provide the closing entry for the Income Summary account. What will be an ideal response

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Indicate whether the statement is true or false