Set up T-accounts for the following accounts and amounts with normal balances as of December 31: K.
Question:
Set up T-accounts for the following accounts and amounts with normal balances as of December 31:
K. Korver, Capital $18,000;
K. Korver, Withdrawals $2,000;
Services Revenue $33,000;
Salaries Expense $25,000;
Rent Expense $3,000; and Income Summary $0.
(1) Post closing entries to each account’s T-account.
(2) Compute the ending balance of each T-account.
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