Question

T-Accounts or Leger Accounts: Cash Beg Bal S12 S14 b S4 S4 d. S47 28 $7 S10 i Accounts Receivable Beg Bal. SS 5 8 57 h End. Bal. Supplies Equipment Beg Bal. b $ 9 97 $14 54 End. Bal. $35 $5 $3-$9.95 - $7. Accumulated Depreciation Beg Ball Software $13 Sim End. Bal. SI Accumulated Amortization S8 $4 . End. Bal S13 Accounts Payable Beg Bal. S10 59 End. Bal. Salaries and Wages Payable Beg Bal Notes Payable (short-term) SO SI2 a. S12 Interest Payable Income Tax Para Deferred Revenue Common Stock SIS Retained Earnings Service Renee Income Tax Expense Interest Expense End. Bal. Depreciation Expense Bee, Ral Supplies Expenses Beg Bal. End. Bal. Salaries and Wages Expose Reg. Ral End. Bal Ameritration Expense Beg Ball S End. Bal. $30 End. Bal Note: As per the requirement. inshalar shows in each T-Account accountil alone with mastime a ll the transactions in

do not understand why these are wrong?

Answer 1

Closing entries

Account Titles	Debit	Credit
Service Revenue	$                      55
Income Summary / Retained Earnings		$                      55
(To close Revenue accounts)
Income Summary / Retained Earnings	$                      51
Supplies Expense		$                        7
Salaries and Wages Payable		$                      30
Depreciation Expense		$                        1
Amortization Expense		$                        4
Interest Expense		$                        2
Income tax expense		$                        7
(To close expense accounts)
Income Summary	$                         4
Retained Earnings		$                        4
(To close income summary)

If income summary account is not used, then last entry will not be required.

Last picture is for post closing trial.

Retained earnings will have balance of $9 i.e. $5 + $4 net income
Others with red mark will have no figure or zero figure, since all those balances have been transferred to retained earnings