Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I appreciate any help! Thanks! act.pearsoncmg.com/try-It/9 T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts

I appreciate any help! Thanks!

image text in transcribed
act.pearsoncmg.com/try-It/9 T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. OOO references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue 100,000 Dec. 31 Income Summary 46,000 Income Summary 100,000 Retained Earnings 46,000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Retained Earnings 23,000 Dec. 31 Income Summary 54,000 Dividends 23,000 Depreciation Expense--Furniture 9,000 To close Dividends Interest Expense 12,000 Rent Expense 5,000 Salaries Expense 10,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel

17th edition

1119503663, 1119571480, 1-119-50368-2, 111950368X, 978-1119503668

More Books

Students also viewed these Accounting questions