E$4\mathrm{.}16($LO $5)($Prepare and post closing entries.$)$ Selected accounts from Betts Ltd$.\text{'}$s general

ledger are presented below. Note that the account details for the year have not been included,

only the account balance $($dated Dec. $31)$ after adjustment but before the closing entries have

been recorded or posted.

Instructions

a$.$ Prepare the closing entries at December $31.$

b$.$ Post the closing entries to the $T$ accounts, setting up new accounts as required.