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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 all
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 (REIW) 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 23,600 Dec. 31 Income Summary 6,675 Income Summary 23,600 Salaries Expense 4,500 Depreciation Expense - Furniture 400 Insurance Expense Utilities Expense 360 Rent Expense 1,000 Supplies Expense 140 Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Income Summary 16,925 Dec. 31 Miller, Capital 3,800 Miller, Capital 16,925 Miller, Withdrawals 3,800 Miller, Capital Miller, Withdrawals 36,800 Bal. Bal. Bal. 3,800 3,800 3800 3800 Bal. Income Summary Service Revenue v 23,600 23,600 Bal. Bal. Cash Accounts Receivable Bal. 40,560 Bal. 2,600 Office Supplies Prepaid Insurance Bal. Bal. 340 V Bal. Bal. 825 Furniture Accumulated Depreciation - Furniture Bal. 12,800 400 Bal. Salaries Expense spense Depreciation Expense - Furniture Bal. Bal. 4,500 4,500 v Bal. Bal. 400 400 V Insurance Expense Utilities Expense Bal. 275 Bal. 360
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