Office Supplies

FurniturePART $9$: 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.