Question

Requirement 5. ​T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the​ T-accounts. Use​ "Clos." and the corresponding number as shown in the journal entry as posting references​"Clos.(1)", ​"Clos.(2)", etc. The adjusted balance of each account has been entered for you. Post any closing entries to the accounts and then calculate the​ post-closing balance​ ("Bal.") of each account​ (including those that were not​ closed). For any accounts with a zero balance after​ closing, enter a​ "0" on the normal side of the account. For Income​ Summary, calculate and enter the balance​ ("Bal.") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing​ (the second​ line) and then show the​ post-closing balance​ ("Bal.") on the last​ (third) line of the account.

Date Accounts and Explanation Debit Credit June 30 Service Revenue 48,100 Clos. (1) Income Summary 48,100 To close revenues. June 30 Income Summary 57,600 Clos. (2) Insurance Expense 4,400 Salaries Expense 33,500 Supplies Expense 300 Interest Expense 8,500 Utilities Expense 2,700 Depreciation Expense—Building 8,200 To close expenses. June 30 Retained Earnings 9,500 Clos. (3) Income Summary 9,500 To close Income Summary. June 30 Retained Earnings 27,300 Clos. (4) Dividends 27,300 To close Dividends.

Answer 1

Solution

Adjusted Trial Balance
Date	Explanation	Debit	Credit
		$	$
Jun-30	Service Revenue		48,100
	Insurance Expenses	4,400
	Salaries Expense	33,500
	Supplies Expense	300
	Interest Expense	8,500
	Utilities Expense	2,700
	Depreciation Expense	8,200
	Retained Earnings		9,500
	Total	57,600	57,600

T - Accounts

Depreciation Expense -Building		Interest Expense
Clos 2 Bal	8,200	8,200	30-Jun		Clos 2 Bal	8,500	8,500	30-Jun
End Bal	0				End Bal	0
Insurance Expense		Supplies Expense
Clos 2 Bal	4,400	4,400	30-Jun		Clos 2 Bal	300	300	30-Jun
End Bal	0				End Bal	0
Salaries Expense		Utilities Expense
Clos 2 Bal	33,500	33,500	30-Jun		Clos 2 Bal	2,700	2,700	30-Jun
End Bal	0				End Bal	0

Service Revenue		Income Statement
Jun-30	48,100	48,100	Clos 1		Jun-30	4,400	48,100	Jun-30
		0	End Bal		Jun-30	33,500	9,500
					Jun-30	300
					Jun-30	8,500
Retained Earnings		Jun-30	2,700
Jun-30	9,500	9,500	Clos 3		Jun-30	8,200
		0	End Bal				0	End Bal.

Retained Earnings (dividend)
Jun-30	27,600	27,600	Clos 4
		0	End Bal