T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Date Debit Credit Date Debit Credit Accounts and Explanation Service Revenue Accounts and Explanation Income Summary Dec. 31 100,000 Dec. 31 46,000 Income Summary 100,000 Retained Earnings 46,000 To close Revenue To close Income Summary Date Debit Credit Date Debit Credit Accounts and Explanation Retained Earnings Accounts and Explanation Income Summary Dec. 31 23,000 Dec. 31 54,000 Dividends 23,000 Depreciation Expense-- Furniture 9,000 To close Dividends Interest Expense 12,000 Rent Expense 5,000 Salaries Expense 10,000 Supplies Expense 18,000 To close Expenses Depreciation Expense-Furniture Rent Expense Adj. Bal. 9,000 Adj. Bal. 5,000 Dividends Service Revenue Adj. Bal 23,000 100,000 Adj. Bal. Interest Expense Salaries Expense Adj. Bal. 12,000 Adj. Bal. 10,000 Retained Earnings Income Summary 38,000 Adj. Bal. Supplies Expense Adj. Bal. 18,000