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 all accounts. ... For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account.

Activity 3.c - Post 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. Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue 100,000 Dec. 31 Income Summary 46,000 Income Summary 100,000 Bright, Capital 46.000 To close Revenue To close Income Summary Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Date Dec 31 Bright Capital 20,000 Dec 31 Income Summary 54000 Bright Withdrawals 20.000 Depreciation Expense-Furniture 19.000 Date Credit Date Accounts and Explanation Debit Credit Accounts and Explanation Bright, Capital Debit 20,000 Dec 31 Dec. 31 Income Summary 54,000 Bright Withdrawals 20,000 Depreciation Expense Furniture 9,000 To close Withdrawals Interest Expense 12.000 Rent Expense 5,000 Salaries Expense 10,000 Supplies Expense 18,000 To close Expenses Depreciation Expense-- Furniture Rent Expense A B 2.000 Ad Bal Ad. Bel 5.00 5.000 Bright Withdrawals Service Revenue Ad Bol 20.000 100,000 Adj. Bal Interest Expense Salaries Expense Ady. Bol 12.000 Adj. Bal. 10,000 Bright Capital Income Summary 30,000 Adj. Bal. Supplies Expense Ad. Bol 18.000