Exercise 4-8 Preparing and posting closing entries A L01, 2

CHECK FIGURE: Post-closing balance, Marcy Jones, Capital = $91,000

Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances provided. Prepare closing entries at

December 31, 2023, and post them to the T-accounts.

Assets

Dec 31

Dec. 31

142,000

Rent Expense

9.100

Income Summary

Dec. 31

Dec. 31

Liabilities

51,000

Marcy Jones, Withdrawals

38,000

Insurance Expense

1.500

Dec. 31

Dec. 31

Marcy Jones, Capital

71,800

Salaries Expense

27,000

Services Revenue

103.000

Dec. 31

Dec. 31

Dec. 31

Depreciation Expense

8,200