S1-10 Posting closing entries directly to T-accounts Glowing balances appear on the books of Brian Kaufman Enterprises. Kur viral. S30,000; Kaufman, Withdrawals $5,400; Service Revenue, $20,200; Salaries case, $6,800, Rent Expense, $3,000, Advertising Expense, $3,200. All accounts Learning Objective 3 have normal balances. Learning Objective 4 Learning Objective 5 Requirements Open a T-account for each account, and insert its adjusted balance as given (denote as Adj. Bal.) at December 31. 2. Post the closing entries to the accounts, denoting posted amounts as Clos 3. Compute the ending balance of Kaufman, Capital. SK1) Identifying accounts included on a post-closing trial balance Bor each account listed, identify whether the account would be included on a post-closing trial balance. Signify either Yes (Y) or No (N). a. Office Supplies f. Accumulated Depreciation b. Interest Expense IV Furniture c. Nielson, Capital y 8. Rent Expense d. Nielson, Withdrawals N h. Unearned Revenue e. Service Revenue N i. Accounts Payable S4-12 Identifying steps in the accounting cycle Review the steps in the accounting cycle, and answer the following questions: 1. What is the first step? 2. Are any steps optional? 3. Which steps are completed throughout the period 4. Which steps are completed only at the end of the period 5. What is the last step in the accounting cycle? S413 Calculating the current ratio Heart of Tennessee Telecom has these account balances at December 31, 2016: Alotes Payable, long-term $ 8,500 Accounts Payable CL $ 3,700 Prepaid Rent 1,500 Accounts Receivable CA 6,900 1,200 Cash CA 3,400 Salaries Payable 14,900 Depreciation Expense-Equip 1,500 Service Revenue 500 Equipment Office Supplies 3,000 Furner, Capital 3,100 Accumulated Depreciation Equip: 600 Rent Expense 1,000 Advertising Expense Learning Objecti- 12300/ugoo 19.000 Requirements 1. Calculate Heart of Tennessee Telecom's current ratio. 2. How much in current assets does Heart of Tennessee Teleco ich in current assets does Heart of Tennessee Telecom have for every dolls. of current liabilities that it owes? S4A-14 Journalizing reversing entries Lake View Associates accrued $7.000 of Service Revenue at December 31. Lake Vie Associates received $13,500 on January 15, including the ac on December 31 Requirements 1. Record the adjusting entry to accrue Service Revenue. 2. Record the reversing entry. 3. Journalize the cash receipt. - Exercises E4-15 Preparing the financial statements The adjusted trial balance for Burlington Advertising Services is presented below! BURLINGTON ADVERTISING SERVICES Adjusted Trial Balance December 31, 2016 Account Title Rala