Q1. Record closing journal entries that zero out temporary accounts. Temporary accounts include all income statement accounts and dividends. These need to be zeroed out or closed so that, at the beginning of the year, new amounts for that year can accumulated.

Q2. After posting closing entries compute the ending balances, recording as a debit or credit balance in the General Ledger on Page 241.

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Doogie's Dog Grooming Corporation GENERAL JOURNAL - July Accounts Debit Credit Date CJE #1 Close all revenue and gain accounts to income summary July 31 Revenue 20,000 Income Summary 20,000 CJE #2 Close all expense and loss accounts to income summary July 31 Rent Expense 1,500 CJE #3 Close the income summary account to retained earnings July 31 Income Summary 15,300 Retained Earnings 15,300 CE #4 Close the dividends account to retained earnings July 31 Doogie's Dog Grooming Corporation POST-CLOSING TRIAL BALANCE July 31 Credit No 100 Cash 110 Accounts receivable 0. Account Debit S25,700 120 130 140 150 200 210 220 300 350 360 400 500 510 Insurance expense 520 530 Supply expense 540 Supply inventory Equipment Accumulated depreciation Prepaid insurance Accounts payable Rent payable Wages payable Common stock Retained earnings Dividends Kevenue Depreciation expense Rent expense Wage expense Total $46,400