Set up T accounts for Adams' Shoe Shine based on the work sheet above and the chart of accounts provided on the next page. Enter the existing balance for each account. Prepare closing entries in general journal form. Then post the closing entries to the Taccounts.

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Chart of Accounts Assets 101 Revenues Cash 401 Service Fees 122 Accounts Receivable Supplies 141 Expenses 511 145 Prepaid Insurance 181 Wages Expense Advertising Expense Rent Expense Supplies Expense Telephone Expense Utilities Expense Insurance Expense Gas and Oil Expense Depr. Exp.--Office Equip. Miscellaneous Expense Office Equipment 181.1 Accum. Depr.-Office Equip. 512 521 523 Liabilities 525 533 202 Accounts Payable 219 Wages Payable 535 538 Owner's Equity 311 Mary Adams, Capital 312 542 549 Mary Adams, Drawing 313 Income Summary