Closing Journal Entries: Date 31-Dec Accounts DR CR To close the revenue account 31-Dec To close the expense accounts 31-Dec 1 Chapter 4 In Class Practice 2. Using the information in the adjusted trial balance: 3 1. Prepare the closing entries for December 31, 2020. 4 2. Post the closing entries. 5 3. Prepare the post closing trial balance at December 31, 2020. Booster's Towing Service 7 Adjusted Trial Balance December 31, 2020 9 Debit Credit 10 Cash $ 7,000 11 Accounts receivable 3,000 12 Tow truck 31,000 13 Accumulated depreciation, tow truck $ 27,000 14 Salaries payable 700 15 Terry Booster, capital 17,200 16 Terry Booster, withdrawal 2,300 17 Towing revenue 38,000 18 Salaries expense 30,000 19 Depreciation expense, two truck 5,000 20 Utilities expense 4,600 21 Totals 82,900 82,900 22 23 24 25 26 Demo Closing Entries Posting Post Closing TB To close net loss in the income summary account to capital 31-Dec To close withdrawal account to capital Classified BS Apple Microsoft Google