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 50,000 Dec. 31 Income Summary 23,000 Income Summary 50,000 Retained Earnings 23,000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Retained Earnings 15,000 Dec. 31 Income Summary 27,000 Dividends 15,000 Depreciation Expense-Furniture 4,000 To close Dividends Interest Expense 6,000 Rent Expense 2,000 Salaries Expense 5.000 Supplies Expense 10,000 To close Expenses \fO Retained Earnings Income Summary 42,000 Adj. Bal. V V Supplies Expense Adj. Bal. 10,000 V V