Question

I have attached the previous t-accounts and the trial balance to prepare the closing process.

QUESTION: I need to prepare a t account for my closing process with a total amount.

8:08 Done COMPREHNSIVE PROBLEM PART... The Part 1 Part 2 - T-accounts 3. Adiusted Trial Balance Cash SI 067.000 $206,700 Accounts Receivable S10.000 Prepaid Insurance $24,000 Inventory $10,000 ABC, Inc. Adjusted Trial Balance As of June 30 20XX S25.6081 $320,100 $24,000 S10,000 $22.000 $20,000 1.500 $2.000 Building $320,100 Equipment S106,700 Debit 914,692 10,000 22.000 R500 320.100 106.700 25. MIR S500 SI.RO 54.000 $120,100 S106,700 889.1 Accum Depr-Buildine Accum Depr-Equip S8891 8891 116,7 5914,6921 1.72 $889 $889 $8,500 Cash Accounts Receivable Land Prepaid Insurance $25,608 Inventory Building Equipment $25,608 Land Accumulated Depreciation - Building Accounts Payable Accumulated Depreciation - Equipment $106,700 Accounts Payable $10,000 Advanice Deposits Accrued Interest $116,700 Accrued Wages Note Payable Accrued Wages Common Stock $400 Dividends Service Revenue Consulting Revenue $400 Advertising Expense Utilities Expense Consulting Revenue R&M Expense $10.000 Wages Expense Interest Expense Insurance Expense S10,000 Cost of Goods Sold Depreciation Expense Wages Expense Total $4,000 $400 206,7 1,067,0 Advance Deposits Accrued Interest Note Payable $206,700 $500 $1,7231 500 20,0 10.0 S500 $206,700 S1.7231 Common Stock S1.007.000 Dividends 5500 Service Revenue $20,000 1,500 2.000 1.800 4.400 1.723 2.000 1.500 1.778 1.424.00 R331 $1,067,000 5500 $20,000 1 494 Advertising Expense $1,500 Utilities Expense $2,000 R&M Expense $1,800 $1,500 S2 (100) $1.00 $4,400 Interest Expense $1.723 Depreciation Expense S889 S889 Insurance Expense $2,000 COGS S1.500 $1,723 $1.778 $2,000 $1,500

Answer 1

Income Summary
Advertising Expense	$              1,500	$          20,000	Service Revenue
Utilities Expense	$              2,000	$          10,000	Consulting Revenue
R & M Expense	$              1,800
Wages Expense	$              4,400
Interest Expense	$              1,723
Insurance Expense	$              2,000
Cost of Goods Sold	$              1,500
Depreciation Expense	$              1,778
Retained Earnings	$            13,299
Ending Balance	$                     -

Retained Earnings
		$                  -	Beg Balance
Dividend	$                  500	$          13,299	Income Summary
		$          12,799	Ending Balance

Revenues and expenses are transferred to temporary account named Income summary and then to close income summary account, profit is transferred to Retained Earnings. Similar transactions will be posted to respective T accounts as well.

Dividend account is also closed to Retained Earnings