post closing entries to general ledger t-account

Closing Entries Account Title& Explanation 1 Date Debit Credit 72 31-Jul Tax Preparation Revenue 73 74 75 76 14750 147 Income Summary (To Close Revenues) 31-Jul Income Summary 8825 2500 77 Rent expense 78 2800 Salaries expense 300 179 180 181 Insurance Expense 400 Supplies expense 125 Depreciation expense 2700 Income Tax Expense 182 (To close expenses) 183 184 5925 31-Jul Income Summary 185 5925 Retained Earnings 186 (To transfer Income to Retained Earnings) 187 188 450 31-Jul Retained Earnings Dividends 189 450 190 (To close Dividends) 191 192 fx C21 D E F G C B A Tax Preparation Revenue 14,750.00 $ Cash (111) 40,000.00 $ 6,500.00 S 8,250.00 $ 8 2,500.00 3,600.00 6,500.00 8,250.00 10 $ 11 $ 12 2,800.00 1,500.00 500.00 450.00 S Balance: 14750 13 14 15 16 17 Balance: 43400 18 Prepaid Insurance (117) 3,600.00 19 Rent Expense (511) 2,500.00 20 $ 300 21 22 23 Balance: 2500 24 Balance: 3300 25 Supplies (119) 700.00 $ 26 Salaries Expense (512) 27 S 400.00 2,800.00 S 28 29 30 Balance: 2800 31 Balance: 300 32 33 Equipment (144) Insurance Expense (513) 300 34 $ 9,500.00 35 36 37 Balance: 9500 Balance: 300 38 39 40 Accumulated Depreciation-Equipment (145) 41 Supplies Expense (514) 125 42 400 43 44 45 Balance - 125 46 400 T t C D B E A F G 47 48 Accounts Payable (212) Depreciation Expense (515) 49 $ 500.00 700.00 125 $ 50 8,000.00 51 52 Balance: 8200 Balance: 125 53 54 55 Income Tax Payable (213) Income Tax Expense (516) 56 2700 2700 57 58 59 60 Balance - 2700 2700 61 62 Common Stock (311) 63 40,000.00 Retained Eamings (312) 64 65 66 Balance: 40000 67 68 69 Balance- Dividends (313 70 $ 450.00 71 72 73 Balance 450 74