Step 9: 4a

Accounting Cycle Tutorial Step 9: Closing Entries Update accounts for use next accounting cycle Activity 4.a - Updating accounts for the next accounting cycle Calculate the ending balances to update the t-accounts for the next accounting cycle. Be sure to enter all zero balances on the normal balance side and enter balances for permanent accounts! Retained Earrings Income Summary Dec. 31 22.700 18.400 Adi Dec 31 6.200 19.000 Dec. 31 5.000 Dec 31 12,600 Bal Dec 3 15,600 Prepaid Rent Service Revenue Dec 31 15.400 Dec 31 11.700 11.700 Adja Common Stock Depreciation Expense Furniture 33,700 Dec. 31 Adj, Bal 200 20 11 uu Dec 31 13,600 Bal Dec 31 13.600 Prepaid Rent Service Revenue Dec 31 15,400 Dec 31 11,700 11.700 Adj. Bal Common Stod Depreciation Expense Furniture 33,700 Dec. 31 Adj. Bal 200 200 Dec. 31 Dividends Accounts Payable Adj. Bal. 2.900 2.900 Dec 31 6.900 Dec. 31 CHECK