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 Retained Earnings 46,000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Retained Earnings 18,000 Dec. 31 Income Summary 54,000 Dividends 18,000 Depreciation Expense--Furniture 9,000 To close Dividends Interest Expense 12,000 Rent Expense 5,000 Salaries Expense 10,000 Supplies Expense 18,000 To close Expenses Depreciation Expense-Furniture Rent Expense Adj. Bal. 9,000 Adj. Bal. 5,000 Dividends Service Revenue Adj. Bal. 18,000 100,000 Adj. Bal. Interest Expense Salaries Expense Adj. Bal. 12,000 Adj. Bal. 10,000 Retained Earnings Income Summary 29,000 Adj. Bal. Supplies Expense Adj. Bal. 18,000 Bal. D E - R