T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the general ledger and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Assume that Income Summary has a normal credit balance. Retained Earnings Date Accounts and Explanation Debit Credit Date Explanation Ref. Debit Credit Balance Dec. Sales Revenue and Gains 170,200 31 Balance 183,000 183.000 Gain on Disposal of Plant Asset 12,800 Income Summary 183,000 To Close Revenue Income Summary Date Accounts and Explanation Debit Credit Date Explanation Ref. Debit Credit Balance Dec. Balance 0 0 Retained Earnings 16,000 31 Dividends 16,000 To Close Dividends Date Accounts and Explanation Debit Credit Sales Revenue Dec. Income Summary 102,000 Date Explanation Ref. Debit Credit 31 Balance Retained Earnings 102,000 Balance 170,200 170,200 To Close Income Summary Date Accounts and Explanation Debit Credit Gain on disposal of plant asset Dec. Income Summary 81,000 Date Explanation Ref. Debit Credit Balance 31 Cost of Goods Sold 20,000 Balance 12,800 12.800 Selling Expenses 15,000 Advertising Expense 8,000 Cost of Goods Sold Salaries Expense 10,000 Date Explanation Ref. Debit Credit Balance Depreciation Expense- Furniture 7,000 Balance 20,000 20,000 Interest Expense 6,000 Income Tax Expense 5,000 Loss from Disposal of Discontinued Segment 4,000 Selling Expenses Rent Expense 3,000 Date Explanation Ref. Debit Credit Balance Insurance Expense 2,000 Balance 15,000 15,000 Supplies Expense 1,000 To Close Losses and Expenses Advertising Expense Date Explanation Ref. Debit Credit Balance Balance 8,000 8,000 Advertising Expense Date Explanation Ref. Debit Credit Balance Balance 8,000 8,000 Salaries Expense Date Explanation Ref. Debit Credit Balance Balance 10,000 10,000 Depreciation Expense - Furniture Date Explanation Ref. Debit Credit Balance Balance 7,000 7,000 Interest Expense Date Explanation Ref. Debit Credit Balance Balance 6,000 6,000 Income Tax Expense Date Explanation Ref. Debit Credit Balance Balance 5,000 5,000 Income Tax Expense Date Explanation Ref. Debit Credit Balance Balance 5,000 5,000 Loss from Disposal of Discontinued Segment Date Explanation Ref. Debit Credit Balance Balance 4,000 4,000 Rent Expense Date Explanation Ref. Debit Credit Balance Balance 3,000 3,000 Insurance Expense Date Explanation Ref. Debit Credit Balance Balance 2,000 2,000 Rent Expense Date Explanation Ref. Debit Credit Balance Balance 3,000 3,000 Insurance Expense Date Explanation Ref. Debit Credit Balance Balance 2,000 2,000 Supplies Expense Date Explanation Ref. Debit Credit Balance Balance 1,000 1,000 Dividends Date Explanation Ref. Debit Credit Balance Balance 16,000 16,000