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 Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue 24,900 Dec. 31 Income Summary 6,650 Income Summary 24,900 Salaries Expense 4,000 Depreciation Expense - Furniture 100 Insurance Expense Utilities Expense Rent Expense 400 270 1,800 Supplies Expense 80 Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Income Summary 18,250 Dec. 31 Retained Earnings 2,900 Retained Earnings 18,250 Dividends 2,900 Retained Earnings Dividends 0 Bal. Bal. 2,900