Close all the expense accounts for the period and calculate the post-closing balance (Bal) of each expense account and the Service Revenue account. For any account 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 income Summary account. Do not close the Income Summary account in this step Retained Earnings Clos Ad. Bal Clos Dividends 10,800 23,700 Ad Bal Clos Income Summary 12,700 Clos 25.500 Clos 12.800 Ba Clos Ad Bal Bal Ag. Bal AS. Bal Bai Service Revenue 25.500 25,500 AdBal Salaries Expense 6.900 6,900 Clos Rent Expense 3,000 Bal 3,000 Clos Advertising Expense 2.800 2.800 Clos

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Close all the expense accounts for the period and calculate the post-closing balance ("Bal.") of each expense account and the Service Revenue account. For any account 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 income Summary account. Do not
close the Income Summary account in this step.
Retained Earnings
Clos
Adj. Bal.
Clos
Dividends
10,800
23,700 Adi Bal
Clos
Income Summary
12,700
Clos
25.500 Clos
12,800 Bal
Clos
Ad Bal
Bal
A. Bal
Bal
Ad. Bal
Bal
Service Revenue
25,500 25,500 Adj. Bal.
Salaries Expense
6,900
Rent Expense
3,000
Bal.
6,900 Clos
3,000 Clos
Advertising Expense
2,800
2,800 Clos
Transcribed Image Text:Close all the expense accounts for the period and calculate the post-closing balance ("Bal.") of each expense account and the Service Revenue account. For any account 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 income Summary account. Do not close the Income Summary account in this step. Retained Earnings Clos Adj. Bal. Clos Dividends 10,800 23,700 Adi Bal Clos Income Summary 12,700 Clos 25.500 Clos 12,800 Bal Clos Ad Bal Bal A. Bal Bal Ad. Bal Bal Service Revenue 25,500 25,500 Adj. Bal. Salaries Expense 6,900 Rent Expense 3,000 Bal. 6,900 Clos 3,000 Clos Advertising Expense 2,800 2,800 Clos
The following balances appear on the books of Cedrick Owens Enterprises: Retained Earrings, $23,700, Dividends, $10,800: Income Summary, 50, Service Revenue, $25,500, Salaries Expense,
$6.900, Rent Expense $3,000; and Advertising Expense, $2,800. All accounts have normal balances
Read the requirements
Transcribed Image Text:The following balances appear on the books of Cedrick Owens Enterprises: Retained Earrings, $23,700, Dividends, $10,800: Income Summary, 50, Service Revenue, $25,500, Salaries Expense, $6.900, Rent Expense $3,000; and Advertising Expense, $2,800. All accounts have normal balances Read the requirements
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