Preparing Closing Entries Using Journal Entries and T-Accounts The adjusted trial balance at December 31, 2015, for Smith Company includes the following selected accounts. Adjusted Account Balances Debit Credit Commissions Revenue $849,000 Wages Expense $360,000 Insurance Expense 19,000 Utilities Expense 82,000 Depreciation Expense 98,000 Retained Earnings 721,000 a. Prepare entries to close these accounts in journal entry form. General Journal Description Debit Credit Dec. 31 (1) To close the revenue account. Dec. 31 (2) Insurance Expense Utilities Expense Depreciation Expense To close the expense accounts. b. Set up T-accounts for each of these ledger accounts, enter the balances above, and post the closing entries to them. After these entries are posted, wh Wages Expense Utilities Expense Insurance Expense Bal Bal Bal Dec. 31 Dec. 31 Dec. 31 Bal Bal Bal Commissions Revenue Depreciation Expense Retained Earnings Bal Dec. 31 Bal Bal Dec. 31 Bal Bal Dec. 31 (1) Dec. 31 (2) Bal. Dec. 31