June 30, 2023	Service Revenue	$48,100
	Income Summary		$48,100
	(To close revenue accounts)
June 30, 2023	Income Summary	$54,700
	Insurance Expense		$4,100
	Salaries Expense		$32,000
	Supplies Expense		$600
	Interest Expense		$8,000
	Utilities Expense		$2,900
	Amortization Expense, Building		$7,100
	(To close expense accounts)
June 30, 2023	N. Rocket, Capital	$6,600
	Income Summary		$6,600
	(To close income summary account)
June 30, 2023	N. Rocket, Capital	$25,800
	N. Rocket, Capital, Withdrawals		$25,800
	(To close withdrawals)

Requirement 2. T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the T-accounts.

Use "Clos." and the corresponding number as shown in the journal entry as posting

references"Clos.

(1)," "Clos. (2)," etc. The adjusted balance of each account has been entered. Post any closing entries to the accounts, and then calculate the post-closing balance ("Bal.") of each account (including those that were not closed). For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing (the second line), and then show the post-closing balance ("Bal.") on the last (third) line of the account.

Review the closing journal entries prepared in requirement 1.

LOADING...

Cash

Accounts Payable

Service Revenue

Bal.

5,000

18,700

Bal.

48,100

Bal.

Accounts Receivable

Interest Payable

Insurance Expense

Bal.

5,500

8,000

Bal.

Bal.

4,100

Office Supplies

Salaries Payable

Salaries Expense

Bal.

1,600

2,100

Bal.

Bal.

32,000

Prepaid Insurance

Unearned Revenue

Supplies Expense

Bal.

1,700

1,000

Bal.

Bal.

600

Land

Note Payable

Interest Expense

Bal.

12,800

37,000

Bal.

Bal.

8,000

Building

N. Rocket, Capital

Utilities Expense

Bal.

71,000

38,000

Bal.

Bal.

2,900

Accumulated Amort.Building

N. Rocket, Withdrawals

Amortization ExpenseBuilding

25,200

Bal.

Bal.

25,800

Bal.

7,100

Income Summary