E 8-1 WORK TOGETHER, p. 222 Journalizing and posting closing entries ACCOUNT TITLE INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT Cash Petty Cash Accounts Receivable-B. Widell Supplies Prepaid Insurance Accounts Payable-Southside Supplies Connor Whitney, Capital Connor Whitney, Drawing Income Summary Sales 490000 7500 138700 7500 25000 26700. 744300 170000 216000 Advertising Expense 46000 Cash Short and Over 600 Insurance Expense 12500 Miscellaneous Expense 18900 " Supplies Expense 15300 Utilities Expense 55000 17 "Net Income: " 30 21 25 24 " 27 " 148300 216000 838700 771000 67700 67700 216000 216000 838700 838700 Chapter 8 Recording Closing Entries and Preparing a Post-Closing Trial Balance for a Service Business 159