Date	Accounts and Explanation	Debit	Credit
Dec. 31	Service Revenue	150,000
	Income Summary		150,000
	To close Revenue

Date	Accounts and Explanation	Debit	Credit
Dec. 31	Income Summary	69,000
	Retained Earnings		69,000
	To close Income Summary

Date	Accounts and Explanation	Debit	Credit
Dec. 31	Retained Earnings	23,000
	Dividends		23,000
	To close Dividends

Date	Accounts and Explanation	Debit	Credit
Dec. 31	Income Summary	81,000
	Depreciation Expense--Furniture		13,000
	Interest Expense		18,000
	Rent Expense		8,000
	Salaries Expense		15,000
	Supplies Expense		27,000
	To close Expenses

before posting the entry to close out the account.

Date	Accounts and Explanation	Debit	Credit
Dec. 31	Service Revenue	150,000
	Income Summary		150,000
	To close Revenue

Date	Accounts and Explanation	Debit	Credit
Dec. 31	Income Summary	69,000
	Retained Earnings		69,000
	To close Income Summary

Date	Accounts and Explanation	Debit	Credit
Dec. 31	Retained Earnings	23,000
	Dividends		23,000
	To close Dividends

Date	Accounts and Explanation	Debit	Credit
Dec. 31	Income Summary	81,000
	Depreciation Expense--Furniture		13,000
	Interest Expense		18,000
	Rent Expense		8,000
	Salaries Expense		15,000
	Supplies Expense		27,000
	To close Expenses

Depreciation Expense--Furniture
Adj. Bal.	13,000	correct	Bal.DEIRincorrect
Bal.DEIRcorrect	incorrect	correct	Bal.DEIRcorrect

Rent Expense
Adj. Bal.	8,000	correct	Bal.DEIRincorrect
Bal.DEIRincorrect	incorrect	correct	Bal.DEIRcorrect

Dividends
Adj. Bal.	23,000	correct	Bal.DEIRincorrect
Bal.DEIRincorrect	incorrect	correct	Bal.DEIRcorrect

Service Revenue
Bal.DEIRincorrect	correct	150,000	Adj. Bal.
Bal.DEIRcorrect	correct	incorrect	Bal.DEIRincorrect

Interest Expense
Adj. Bal.	18,000	correct	Bal.DEIRincorrect
Bal.DEIRincorrect	incorrect	correct	Bal.DEIRcorrect

Salaries Expense
Adj. Bal.	15,000	correct	Bal.DEIRincorrect
Bal.DEIRincorrect	incorrect	correct	Bal.DEIRcorrect

Retained Earnings
Bal.DEIRincorrect	incorrect	27,000	Adj. Bal.
Bal.DEIRcorrect	correct	incorrect	Bal.DEIRincorrect
Bal.DEIRcorrect	correct	incorrect	Bal.DEIRincorrect

Income Summary
Bal.DEIRincorrect	incorrect	incorrect	Bal.DEIRincorrect
Bal.DEIRcorrect	correct	incorrect	Bal.DEIRincorrect
Bal.DEIRincorrect	incorrect	correct	Bal.DEIRcorrect
Bal.DEIRcorrect	correct	incorrect	Bal.DEIRincorrect

Supplies Expense
Adj. Bal.	27,000	correct	Bal.DEIRcorrect
Bal. DEIR incorrect	incorrect	correct	Bal. DEIR correct

A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.

HINT