Date Accounts and Explanation Debit Credit Credit Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue 150,000 Dec. 31 Income Summary 69,000 Income Summary 150,000 Bright, Capital 69,000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec.31 Bright, Capital 15,000 Dec. 31 Income Summary 81,000 Bright, Withdrawals 15,000 Depreciation Expense--Furniture 13,000 To close Withdrawals Interest Expense 18,000 Rent Expense 8,000 Salaries Expense 15.000 Supplies Expense 27,000 To close Expenses Depreciation Expense--Furniture Rent Expense Adj. Bal. 13,000 13000 1 Adj. Bal 8,000 Bal. d Bright, Withdrawals Service Revenue Adj. Bal. 15,000 15000 w 150,000 Adj. Bal. Bal. 0 0 Interest Expense Salaries Expense Adj. Bal. 18,000 18000 E Adj. Bai. 15,000 Bal. Bright, Capital Income Summary 26,000 Adj. Bal. Supplies Expense Adj. Bal. 27,000 3 3 Calculate the ending balances to update the t-accounts for the next accounting cycle. Be sure to enter all zero balances on the normal balance side and enter balances for permanent accounts! Bright Capital Income Summary Dec. 31 23.700 47.900 Adj. Bal. Dec. 31 5.500 18.100 Dec. 31 7,500 Dec. 31 12.600 Bal. Dec. 31 12,600 Cash Service Revenue Dec. 31 11.500 Dec. 31 14.800 14,800 Adj. Bal. interest Expense Bright Withdrawals Adj. Bal. 900 900 Dec. 31 Adj. Bal 4,000 4,000 Dec. 31 Accounts Payable 3,200 Dec. 31