Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Activity 3.c-Post to the ledger. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts

image text in transcribed

Activity 3.c-Post to the ledger. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue 100,000 Dec. 31 Income Summery 4G COD Income Summery 100,000 Carings 46,000 Took M Tok In Summary Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Retained Earnings 18,000 Dec. 31 Income Summary 54,000 Dividends Tu clove Dividends 18.000 Depreciation Expense-fumiture 9,000 Interest Expense 12,000 Real Experie 5,000 Salaries Expense 10,000 Supplies Expense 18,000 To close Expenses Ailj. Bal Depreciation Exper-Fitn Red Fap 9,000 9000 Ajnal 5,000 5000 Bal. Dividends Adj. Bal 18,000 18000 1 Bal. Interest Expense Bal 0 100 Service Revenue 100,000 Adj.Bal. Salaries Expense 1 Bal Adj. Eal 12,000 12000 Adj. Bal 10,000 10000 Gal 0 Bal. Bened Camings Bal 0 Income Summary 19,000 Adj. Bal D 9000 0 49000 Supplies Expense Adj. Bal 18,000 Bal. E CHECK ANSWER SKIP TO NEXT RESET Incorrect. Try reviewing the Hint to better understand the goal of this activity. HINT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

11th Edition

111856667X, 978-1118566671

Students also viewed these Accounting questions