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6. Refer to the information below to see how Kaminsky Insurance Agency reported its expenses as of June 30th. Prepare T-accounts and insert the account
6. Refer to the information below to see how Kaminsky Insurance Agency reported its expenses as of June 30th. Prepare T-accounts and 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 Clo. Description Amount Sales and marketing expense $2,400 Other assets $500 Depreciation expense $700 Long-term liabilities $400 Cash $1,000 Service revenue $5,600 Description Amount Accounts payable $300 Accounts receivable $1,200 Prepare T-accounts and insert the account balances prior to closing. Enter answer here. Post the closing entries to these accounts, and show each account's ending balance after closing. Enter answer here. Also show the Income summary T-account. Denote a balance as Bal and a closing entry amount as Clo. Enter answer here
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