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Income Summary 7820 28900 21080 21080 Bal 1 0 Bal PART 9: Post and Close All Accounts T-accounts have been opened using the balances from
Income Summary 7820 28900 21080 21080 Bal 1 0 Bal PART 9: Post and Close All Accounts 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 all accounts. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries (REID) as post references and include Bal references where appropriate. For the income Summary account, calculate and enter the Balance (Bal) before posting the entry to close out the account. Date Debit Accounts and Explanation Credit Debit Date Credit Accounts and Explanation Dec 31 Service Revenue 28.900 Income Summary Income su Dec. 31 Salaries Expense 20.900 Income Summary 5.000 Depreciation Expense Furniture Insurance Expense Utilities Expense Rent Expense Supplies Expense Debit Date Accounts and Explanation Credit Date Debit Accounts and explanation Credit Dec 31 Retained Earnings Dec 31 income Summary 21080 Dividends 4.500 Reta ned Earnings 21,080
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