Supplies Expense Adj. Bal. 10,000 10000 Bal CHECK ANSWER SKIP TO NEXT Privacy Policy Copyright 2023 11- Salaries Expense Adj. Bal 5,000 5000 Bal Bal. Bal. Bal Income Summary Bal PACT-Co-Ope Interest Expense Salaries Expense Adj. Bal 6,000 EER 6000 Adj. Bal 5,000 50 Bal Bal Retained Earnings 31000 31,000 Adj. Bal Bal Bal Income Summary Rent Expense Adj. Bal. 2,000 2000 Bal Service Revenue 50000 50,000 Adj. Bal. Bal. Adj. Bal. Depreciation Expense--Furniture 4,000 4000 Adj. Bal. Bal, 23000 Dividends Bal. Adj. Bal. 20,000 20000 D R 500 Bal. Debit Credit Date Accounts and Explanation Debit Credit 50,000 50,000 Dec. 31 Income Summary 23,000 Retained Earnings 23,000 To close Income Summary Debit Credit Date Accounts and Explanation Debit Credit 20,000 Dec. 31 Income Summary 27,000 20,000 Depreciation Expense-Furniture 4,000 Interest Expense 6,000 Rent Expense 2,000 5,000 Salaries Expense 10,000 Supplies Expense To close Expenses Date Accounts and Explanation Debit Credit Date Dec. 31 Service Revenue 50,000 Dec. 31 Income Summary 50,000 To close Revenue Date Accounts and Explanation Debit Credit Date Dec. 31 Retained Earnings 20,000 Dec. 31 Dividends 20,000 To close Dividends Aivity Post to the leg 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 each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries 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. HINT Actraty Pot to the ledger 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 each account. For accounts that have a zero balance,) enter the zero on the normal balance side. Use the acronym for closing entries 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. HINT