Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance on December 31. Prepare the entry required to close the revenue and expense accounts at the end of the period.

Adjusted Trial Balance

A list of all the accounts and their balances after adjusting entries are made, used for preparing financial statements.

Revenue Accounts

Accounts used in accounting to record the company's income from its operations or activities.

Expense Accounts

Expense accounts track the costs incurred by a business in the course of its operations, such as utilities, rent, and payroll.