B (Click the icon to view the adjusted trial balance.) Requirement 5. T-accounts

Question

B (Click the icon to view the adjusted trial balance.) Requirement 5. T-accounts have been opened using the balances from the adjusted rial baliance. Poat the closing entris to the Taccouns Use "Clos and the corresponding number as shown in the jounal entry as posting references Clos (, 'Cios12 any closing entries to calculate the post-closing "Bal.") of each account hose that were not h a zero after closing, enter a "0 on the normal side of the account. For Income Summary, calculate and enter the Bal.") before posting the entry to close out the account. Post the entry to close Income Summary account (the second line) and then show the post-closing balance (Bal.)on the last (third) line of the account on the same line as you entered the balance prior to closing Review the closing journal entries you prepared above Cash 19,300 Bal 49.600 Bal 4,000 Accounts Receivable 1Ba 4,100 4,600 Choose from any list or enter any number in the input fields and then continue to the next question. 31, 2016, Do

Explanation / Answer

Closing entries Service Revenue $49,600 Income Summary $49,600 Income Summary $56,500 Insurance expense $4,100 Salaries expense $34,000 Supplies expense $600 Interest expense $8,100 Utilities expense $2,500 Depreciation expense-building $7,200 Retained Earnings $6,900 Income Summary $6,900 Posting Closing entries to T-account Service Revenue Insurance expense Clos $49,600 Bal. $49,600 Bal $4,100 Clos $4,100 Bal $0 Bal $0 Salaries Expense Supplies expense Bal $34,000 Clos $34,000 Bal $600 Clos $600 Bal $0 Bal $0 Interest expense Utilities expense Bal $8,100 Clos $8,100 Bal $2,500 Clos $2,500 Bal $0 Bal $0 Depreciation expense-building Retained Earnings Bal $7,200 Clos $7,200 Clos $6,900 Bal. $40,500 Bal $0 Bal $33,600 Income summary Clos $56,500 Bal. $0 Clos $49,600 Clos $6,900 Bal. $0

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