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 Dec. 31 Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Service Revenue 150,000 Dec. 31 Income Summary 69,000 Income Summary 150,000 Retained Carrings 69,000 To close Revenue To close Income Summary Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Retained Farmings 24,000 Dec. 31 Income Summary 81,000 Dividends 24,000 Depreciation Expense-Furniture 13,000 To close Dividends Interest Expense Rent 18,000 8,000 Salaries Expense 15,000 Supplies Experise 27,000 To close Expenses Adj. Bal Depreciation Expense-Furniture 13,000 Dividends Adj.Bal. 24,000 Adj. Bel. Interest Expense 18,000 Retained Carnings Supplies Expense Adj. Bal 27,000 31,000 Adj. Bal Rent Expense Adj. Mal. 8,000 Service Revenue Salaries Experise Adj.Bal. 15,000 150,000 Adj. Bal. Income Summary