Selected accounts from Betts Ltd.'s general ledger are presented below. Note that the account details for the year have not been included, only the account balance ("bal.") after adjustment but before closing is included.

Instructions
(a) Prepare the closing entries at December 31.
(b) Post the closing entries to the T accounts, setting up new accounts as required.
Prepare closing entries and post-closing trial balance.

Retained Earnin Office Expense Jan. ba. 185,000 Dec. 3 bal21,500 Dividends Declared Depreciation Expense Dec. 31 bal. Dec. 3 bal20,000 Service Revenue Utilities Ex Dec. 3 b. 396,000 Dec. 3 bal19,000 Interest Expense Interest Revenue Dec. 31 bal. 1,250 Dec. 31 bal. 9,000 Income Tax Expense Salaries Expense Dec. 3 ba18,650 Dec. 3 ba. 240,000