Patel Insurance Agency reported the following items at September 30:

Requirement
1. Prepare T-accounts for Patel Insurance Agency. Insert the account balances prior to closing. Post the closing entries to the affected T-accounts, and show each account€™s ending balance after closing. Also show the Income summary T-account. Denote a balance as Bal and a closing entry amount asClo.

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Sales and marketing expense Other assets Depreciation expense Long-term liabilities $1,300 4,000 500 Cash Service revenue Retained earnings Accounts receivable $1,600 700 900 600 900