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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

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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 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 Service Revenue 100,000 Dec, 11 Income Summary 46.000 income Summary 100.000 Retained Earnings 46000 To dose Revenue Todose income Summary Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec 31 Retained Earnings 21.000 Dec. 31 Income Summary 14.000 Dividends 21000 Depreciation Expense-Furniture To dose dividends rest Expense 51000 Sales Expense 10,000 Supplies Expense 18.000 To dose Expenses LE Bal. Bal u mo Depreciation Expense Furniture Rent Expense 3,000 5.000 Dividends 100,000 Adj. Bal interest Expense Salaries Expense Adab 2,000 AdB 10,000 Retained Earnings Income Summary 38,000 Adi Bali Supplies Expense 18.000

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