1. Prepare closing entries. Do not insert posting references until you complete part 2. If an amount box does not require an entry, leave it blank.

2. Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal.

The work sheet for Adams' Shoe Shine to complete this exercise is as follows:

Adams' Shoe Shine Work Sheet (Partial) For Month Ended June 30, 20 --
	Income Statement	Balance Sheet
Account Title	Debit	Credit	Debit	Credit
Cash			3,262
Accounts Receivable			1,244
Supplies			800
Prepaid Insurance			640
Office Equipment			2,100
Accum. Depr.Office Equipment				110
Accounts Payable				1,850
Wages Payable				260
Mary Adams, Capital				6,000
Mary Adams, Drawing			2,000
Service Fees		4,813
Wages Expense	1,080
Advertising Expense	34
Rent Expense	900
Supplies Expense	322
Phone Expense	133
Utilities Expense	102
Insurance Expense	120
Gas and Oil Expense	88
Depr. ExpenseOffice Equipment	110
Miscellaneous Expense	98
	2,987	4,813	10,046	8,220
Net Income	1,826			1,826
	4,813	4,813	10,046	10,046