Preparing Closing Procedures
The adjusted trial balance of Parker Corporation, prepared December 31, 2018, contains the following selected accounts.

Adjusted Account Balances				Debit		Credit
Service fees revenue						$92,500
Interest income						2,200
Salaries expense				$41,800
Advertising expense				4,300
Depreciation expense				8,700
Income tax expense				9,900
Retained earnings						42,700

 

Description 12/31 Service fees revenue Interest income 12/31 Retained earnings Salaries expense Advertising expense + Depreciation expense Bal. Bal. Bal. Bal.. Bal. Bal. Retained earnings To close the revenue accounts. Bal. Bal. Income tax expense To close the expense accounts. b. Post the closing entries to the appropriate T-accounts and calculate the ending balances for each account. Retained Earnings 0 Service Fees Revenue 92,500 0 0 0 42,700 0 0 Interest Income 0 0 2,200 0 0 Income Tax Expense 9,900 0 0 Debit 0 0 92,500 2,600 0 65,800 0 0 0 0 Bal. Bal. Bal.. Bal.. Credit Bal. Bal. 0 0 95,100 0 41,800 4,300 8,700 9,900 Salaries Expense 41,800 0 0 Advertising Expense 4,300 0 0 Depreciation Expense 8,700 0 0 0 0 0 0