Adjusting, Closing, and Reversing Entries The End-of-Period Spreadsheet for Vicki's Fabric Store as of December 31, 20-1 is shown. Check My Work Previous Next 3. Prepare closing entries. - Check My Work Steps in the closing process: STEP 1 All income statement accounts with credit balances are debited, with an offsetting credit to Income Summary. 2 and 3 continued. Post adjusting and closing entries to an Income Summary T account. Feedback Check My Work Labels are provided. Transfer the amounts from the spreadsheet to the T account. If done correctly, the ending balance in Income Summary is \$o.00. 3. continued Post to a Capital T account. There were no additional investments this year. Chapter 15 Homework (Application) 4. Prepare a post-closing trial balance. Check My Work 7 Check My Work 5. Prepare the reversing entry. Feedback - Check My Work from a zero balance. Adjusting, Closing, and Reversing Entries The End-of-Period Spreadsheet for Vicki's Fabric Store as of December 31, 20-1 is shown. Check My Work Previous Next 3. Prepare closing entries. - Check My Work Steps in the closing process: STEP 1 All income statement accounts with credit balances are debited, with an offsetting credit to Income Summary. 2 and 3 continued. Post adjusting and closing entries to an Income Summary T account. Feedback Check My Work Labels are provided. Transfer the amounts from the spreadsheet to the T account. If done correctly, the ending balance in Income Summary is \$o.00. 3. continued Post to a Capital T account. There were no additional investments this year. Chapter 15 Homework (Application) 4. Prepare a post-closing trial balance. Check My Work 7 Check My Work 5. Prepare the reversing entry. Feedback - Check My Work from a zero balance