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 Cred Dec. 31 Service Revenue 100,000 Dec 31 Income Summery 40.000 Income Summary 100,000 Retained Earnings 46. To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Cre Dev. 31 Retained Earrings 24003 Dec 31 Income Summary 54,000 Dividends 24,000 Deprecation Expense Fumiture 9 To close Dividends terest Expense Adj. Bal Depreciation Expense Furniture 9,000 Dividends Adj. Bal 24,000 Interest Expense Adj. Bal 12,000 Adj. Bal Ron Expense Salaries Expense Supplies Expense To cose Expenses Rent Expense Acj. Bal 5.000 Service Revenue 100,000 Adj Bal Salaries Expense Acj. Bal 10,000 Retained Earnings 41,000 Adj Bal Income Summary Supplies Expense 18.000