t is December 31,

2020,

and time to close the books. The following balances appear on the books of

Renee's

Rice Treats.a. Service revenue,

$15,000

b. Salaries,

$3,500;

Rent

$2,000;

Advertising,

$2,500

c.

Renee

Van Etten,

Withdrawals,

$3,200.

The following closing journal entries were previously prepared:

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1.	The following T-accounts have been set up for you. Insert their adjusted balances (denote as Bal.) at December 31, 2020. Also, insert the balance for Renee Van Etten, Capital, $10,500. Post the closing entries to the accounts, denoting posted amounts as Clo.
2.	Compute the ending balance of Renee Van Etten, Capital.

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Part 1

1. The following T-accounts have been set up for you. Insert their adjusted balances (denote as

Bal.)

at December 31,

2020.

Also, insert the balance for

Renee

Van Etten,

Capital,

$10,500.

Post the closing entries to the accounts, denoting posted amounts as Clo. (If a box is not used in the T-account, leave the box empty; do not select a label or enter a zero.)

Renee Van Etten, Capital

Renee Van Etten, Withdrawals

Income Summary

Service Revenue

Salaries Expense

Rent Expense

Advertising Expense

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Journal entries

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Journal Entry
	Accounts	Debit	Credit

a.	Service Revenue	15,000
	Income Summary		15,000
	To close service revenue.

b.	Income Summary	8,000
	Salaries Expense		3,500
	Rent Expense		2,000
	Advertising Expense		2,500
	To close the expense accounts.

c.	Income Summary	7,000
	Renee Van Etten, Capital		7,000
	To close income summary.

d.	Renee Van Etten, Capital	3,200
	Renee Van Etten, Withdrawals		3,200
	To close withdrawals.