Kaminsky Insurance Agency reported the following items at June 30:

Requirement 

1. Prepare T-accounts for Kaminsky Insurance Agency. Insert the account balances prior to closing. Post the closing entries to these accounts, and show each account’s ending balance after closing. Also show the Income summary T-account. Denote a balance as Bal and a closing entry amount as C/o.

Transcribed Image Text:

Sales and marketing expense $2,400 Cash Other assets 500 Service revenue $1,000 5,600 Depreciation expense 700 Accounts payable 300 Long-term liabilities 400 Accounts receivable 1,200