Posting closing entries directly to T-accounts
The following balances appear on the books of Sarah Simmons Enterprises: Retained Earnings, $29,600; Dividends, $10,500; Income Summary, $0; Service Revenue, $24,500; Salaries Expense, $6,200; Rent Expense, $3,500; and Advertising Expense, $2,000. All accounts have normal balances.
Requirements
Open a T-account for each account, and insert its adjusted balance as given (denote as Adj Bal) at December 31.
Post the closing entries to the accounts, denoting posted amounts as Clos