4-10 and 4-11.

C. Lipsky, Withdrawals... 200 z Accounts Receivable.... 1,200 Long-Term Liabilities.... 400 C. Lipsky, Capital. 2,700 Insurance Expense 100 Make Lipsky Insurance Agency's closing entries, as needed, for these accounts. Include explanations. Starter 4-10 This starter should be used in conjunction with Starter 4-9. Use the data in Posting closing entries Starter 4-9 to set up T-accounts for those accounts that Lipsky Insurance Agency closed on post the closing entries to these accounts, and show each account's ending balance after closing. Also show the Income Summary T-account. Label a balance as Bal. and a closing entry amount as Clo. May 31. Insert their account balances prior to closing, Income Summary credit bal, $3,900 Starter 4-11 After closing its accounts at March 31, 2017, Watts Home Services had the Preparing a post-closing trial balance following balances: Post-closing trial bal. total, $15,200 u Long-Term Equipment. $1,600 Cash. $8,500 Liabilities 800 Other Assets 1,600 Service Revenue 0 2 Accounts Receivable. 4,000 Will Watts, Capital 78,900 er 03 Supplies.. 300 Total Expenses S Accounts Payable 1,800 7 Accumulated Amortization-Cr Unearned Service m Equipment... 2,000 1o Revenue 900 Prepare Watts Home Services' post-closing trial balance at March 31, 2017. List accounts in the order shown in Exhibit 4-11 on page 188. Correct an error with two entries checking his work and discovered that instead of recording the payment of Telephone Expense in the Starter 4-12 Fred was having a bad day. He was