Question

PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side.

Answer 1

Service Revenue			Account No. 410
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				-
Dec 12	Performed services for cash	J1		2,800	2,800
Dec 15	Performed services on account	J1		4,700	7,500
Dec 20	Performed services for cash	J1		13,100	20,600
Dec 28	Performed services on account	J1		700	21,300
Dec 31	Adjusting Entry	J1		100	21,400
Dec 31	Adjusting Entry	J1		1,300	22,700
Dec 31	Close Revenues	J1	22,700		-
Depreciation Expense - Furniture			Account No. 510
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				-
Dec 31	Adjusting Entry	J1	300		300
Dec 31	Close Expenses	J1		300	-
Salaries Expenses			Account No. 5
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				-
Dec 18	Paid Salaries	J1	3,500		3,500
Dec 31	Adjusting Entry	J1	2,000		5,500
Dec 31	Close Expenses	J1		5,500	-