Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. Prepare the closing entry required to transfer the income or loss at the end of the period.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments, used in the preparation of financial statements.

Closing Entry

An accounting procedure used to transfer balances from temporary accounts to permanent ones at the end of an accounting period, thereby preparing the temporary accounts for the next period.

Income or Loss

The financial result of an organization's operations over a specific period, calculated as revenue minus expenses, indicating profitability or a deficit.