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 accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries (REID) 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
Dec. 31	Service Revenue	26,500
	Income Summary		26,500

Date	Accounts and Explanation	Debit	Credit
Dec. 31	Income Summary	8,405
	Salaries Expense		5,400
	Depreciation Expense - Furniture		400
	Insurance Expense		475
	Utilities Expense		210
	Rent Expense		1,800
	Supplies Expense		120

Date	Accounts and Explanation	Debit	Credit
Dec. 31	Income Summary	18,095
	Retained Earnings		18,095

Date	Accounts and Explanation	Debit	Credit
Dec. 31	Retained Earnings	2,400
	Dividends		2,400

Retained Earnings
REIDBal.		0	Bal.
REIDBal.			REIDBal.
REIDBal.			REIDBal.

Dividends
Bal.	2,400		REIDBal.
REIDBal.			REIDBal.

Income Summary
REIDBal.			REIDBal.
REIDBal.			REIDBal.
REIDBal.			REIDBal.
REIDBal.			REIDBal.

Service Revenue
REIDBal.		26,500	Bal.
REIDBal.			REIDBal.

Cash
Bal.	41,820		REIDBal.
REIDBal.			REIDBal.

Accounts Receivable
Bal.	1,800		REIDBal.
REIDBal.			REIDBal.

Office Supplies
Bal.	450		REIDBal.
REIDBal.			REIDBal.

Prepaid Insurance
Bal.	1,425		REIDBal.
REIDBal.			REIDBal.

Furniture
Bal.	12,400		REIDBal.
REIDBal.			REIDBal.

Accumulated Depreciation - Furniture
REIDBal.		400	Bal.
REIDBal.			REIDBal.

Salaries Expense
Bal.	5,400		REIDBal.
REIDBal.			REIDBal.

Depreciation Expense - Furniture
Bal.	400		REIDBal.
REIDBal.			REIDBal.

Insurance Expense
Bal.	475		REIDBal.
REIDBal.			REIDBal.

Utilities Expense
Bal.	210		REIDBal.
REIDBal.			REIDBal.

Rent Expense
Bal.	1,800		REIDBal.
REIDBal.			REIDBal.

Supplies Expense
Bal.	120		REIDBal.
REIDBal.			REIDBal.

Salaries Payable
REIDBal.		3,900	Bal.
REIDBal.			REIDBal.

Unearned Revenue
REIDBal.		5,500	Bal.
REIDBal.			REIDBal.

Common Stock
REIDBal.		32,400	Bal.
REIDBal.			REIDBal.

A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.

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You have 3 attempts, click to check your answers. PART 9: Post and Close All Accounts