(c)Set up T-accounts for each account and post the closing entries. Note: Only those ledger accounts affected by closing process are shown here. Enter beginning balances in the appropriate answer box. Enter transactions in the T-accounts in the order they appear, using first available answer box on the appropriate side of the T-account. Compute the ending balances. Beg Bal. End Bal. Beg Bal. End Bal. Retained Earnings 18,000 * 37,100 * 7,000 * 8,000 * 25,500 * 0x Beg Bal. 1 x 1 x 1 x 25,500 * End Bal. Depreciation Expense 7,000 * 0 Dividends 8,000 x 0 1 x 7,000 * 0x 8,000 x Beg Bal. End Bal. Beg Bal. End Bal. Service Fees Earned 75,000 * 0 1 x Beg Bal. 75,000 x End Bal. Rent Expense 18,000 * 0 1 x 18,000 x Salaries Expense 37,100 x 0 0 x 37,100 x

(c) Set up Taccounts for each account and post the closing entries. Note: Only those ledger accounts affected by cloyng process are shown here. - Enter beginning balances in the approptiate answer box. - Enter tansactions in the Taccounts in the order they appear, using first avalable answer box on the appropriate side of the T-account - Compute the ending balances