Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. SMART TOUCH LEARNING Credit Date Accounts and Explanation Debit Adjusted Trial Balance December 31, 2016 Nov. 30 Dec. 1 Balance Dec. 15 Debit Credit Account Title Dec. 31 Cash 20,300 Accounts Receivable 11,200 Debit Date Accounts and Explanation Credit Office Supplies 200 Prepaid Rent 13,500 Furniture 23,600 Accumulated Depreciation- 8,100 Furniture Accounts Payable 2,700 Salaries Payable 600 Interest Payable 400 Unearned Revenue 6,700 Accounts and Explanation Debit Date Credit Notes Payable 9,400 Common Stock 13.200 Retained Earnings 13.500 Dividends 34,300 To close Dividends Cash 20,300 To close Expenses To close Income Summary Accounts Receivable 11,200 Debit Credit Date To close Revenue Office Supplies 200 Prepaid Rent 13,500 Furniture 23,600 Accumulated Depreciation- 8,100 Furniture Accounts Payable 2,700 Salaries Payable 600 Interest Payable 400 Unearned Revenue 6,700 Accounts and Explanation Date Debit Credit Notes Payable 9,400 Common Stock 13,200 Retained Earnings 13,500 Dividends 34,300 Service Revenue 61,300 Accounts and Explanation Debit Credit Date Depreciation Expense 2,700 Furniture Interest Expense 400 4.000 Rent Expense Salaries Expense 4,700 Supplies Expense 1,000 Total 115,900 115,900 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 150,000 Dec. 31 Income Summary 69,000 Retained Earnings Income Summary 150,000 69,000 To close Income Summary To close Revenue Accounts and Explanation Accounts and Explanation Debit Credit Debit Credit Date Date Dec. 31 Retained Earnings Dec. 31 Income Summary 21,000 81,000 Dividends Depreciation Expense-Furniture 21,000 13,000 To close Dividends Interest Expense 18,000 Rent Expense 8,000 Salaries Expense 15,000 Supplies Expense 27,000 To close Expenses Rent Expense Depreciation Expense-Furniture Adj. Bal. Adj. Bal. 13,000 8.000 Bal Dividends Service Revenue Adj. Bal. 21.000 150,000 Adj. Bal. Salaries Expense Interest Expense Adj. Bal. Adj. Bal. 18,000 15,000 Retained Earnings Income Summary Adj. Bal. 37,000 Supplies Expense 27,000 Adj. Bal Calculate the ending balances to update the t-accounts for the next accounting cycle. Be sure to enter all zero balances on the normal balance side and enter balances for permanent accounts! Retained Earnings Income Summary 15,800 Adj. Bal Dec. 31 39,600 Dec. 31 Dec. 31 7,100 12,200 5,200 Dec. 31 5,100 Bal Dec. 31 5,100 Bal Cash Service Revenue Adj. Bal Dec. 31 Dec. 31 11,400 18,000 11,400 Supplies Expense Common Stock Adj. Bal Dec. 31 900 900 Dec. 31 52,800 Accounts Payable Dividends Adj. Bal 8,400 8,400 Dec, 31 2,300 Dec. 31