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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

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.

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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 Bright, Capital 22.000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and explanation Debit Credit Dec 31 Bright Capital 21.000 Dec 31 Income Summary 27,000 Bright, Withdrawals 21.000 Depreciation Expense-Furniture 4,000 To close Withdrawals Interest Expense 6,000 Rent Expense 2,000 Salaries Expense 5,000 Supplies Expense 10.000 To close Expenses Depreciation Expense-Furniture Rent Expense Adj. Bal 4,000 Adj. Bal 2,000 Bright, Withdrawals Service Revenue Adj. Bal 21,000 50,000 Adj. Bal Interest Expense Salaries Expense Adj. Bal 6.000 Adj. Bal 5,000 Bright, Capital Income Summary 26,000 Adj. B. Supplies Expense Ad Bal 10,000 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 Bright, Capital 22.000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and explanation Debit Credit Dec 31 Bright Capital 21.000 Dec 31 Income Summary 27,000 Bright, Withdrawals 21.000 Depreciation Expense-Furniture 4,000 To close Withdrawals Interest Expense 6,000 Rent Expense 2,000 Salaries Expense 5,000 Supplies Expense 10.000 To close Expenses Depreciation Expense-Furniture Rent Expense Adj. Bal 4,000 Adj. Bal 2,000 Bright, Withdrawals Service Revenue Adj. Bal 21,000 50,000 Adj. Bal Interest Expense Salaries Expense Adj. Bal 6.000 Adj. Bal 5,000 Bright, Capital Income Summary 26,000 Adj. B. Supplies Expense Ad Bal 10,000 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 Bright, Capital 22.000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and explanation Debit Credit Dec 31 Bright Capital 21.000 Dec 31 Income Summary 27,000 Bright, Withdrawals 21.000 Depreciation Expense-Furniture 4,000 To close Withdrawals Interest Expense 6,000 Rent Expense 2,000 Salaries Expense 5,000 Supplies Expense 10.000 To close Expenses Depreciation Expense-Furniture Rent Expense Adj. Bal 4,000 Adj. Bal 2,000 Bright, Withdrawals Service Revenue Adj. Bal 21,000 50,000 Adj. Bal Interest Expense Salaries Expense Adj. Bal 6.000 Adj. Bal 5,000 Bright, Capital Income Summary 26,000 Adj. B. Supplies Expense Ad Bal 10,000 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 Bright, Capital 22.000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and explanation Debit Credit Dec 31 Bright Capital 21.000 Dec 31 Income Summary 27,000 Bright, Withdrawals 21.000 Depreciation Expense-Furniture 4,000 To close Withdrawals Interest Expense 6,000 Rent Expense 2,000 Salaries Expense 5,000 Supplies Expense 10.000 To close Expenses Depreciation Expense-Furniture Rent Expense Adj. Bal 4,000 Adj. Bal 2,000 Bright, Withdrawals Service Revenue Adj. Bal 21,000 50,000 Adj. Bal Interest Expense Salaries Expense Adj. Bal 6.000 Adj. Bal 5,000 Bright, Capital Income Summary 26,000 Adj. B. Supplies Expense Ad Bal 10,000 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 Bright, Capital 22.000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and explanation Debit Credit Dec 31 Bright Capital 21.000 Dec 31 Income Summary 27,000 Bright, Withdrawals 21.000 Depreciation Expense-Furniture 4,000 To close Withdrawals Interest Expense 6,000 Rent Expense 2,000 Salaries Expense 5,000 Supplies Expense 10.000 To close Expenses Depreciation Expense-Furniture Rent Expense Adj. Bal 4,000 Adj. Bal 2,000 Bright, Withdrawals Service Revenue Adj. Bal 21,000 50,000 Adj. Bal Interest Expense Salaries Expense Adj. Bal 6.000 Adj. Bal 5,000 Bright, Capital Income Summary 26,000 Adj. B. Supplies Expense Ad Bal 10,000

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