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.

Thank you in advance :)

Answer 1

Retained Earnings
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				0
Dec. 31	Close Revenues	J1		26900	26900
Dec. 31	Close Expenses	J1	9185		17715
Dec. 31	Close Dividends	J1	3800		13915
Dividends
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				0
Dec. 30	Paid cash dividends	J1	3800		3800
Dec. 31	Closing Entry	J1		3800	0
Service Revenue
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				0
Dec. 12	Performed services for cash	J1		2800	2800
Dec. 15	Performed services on account	J1		3800	6600
Dec. 20	Performed services for cash	J1		18300	24900
Dec. 28	Performed services on account	J1		700	25600
Dec. 31	Adjusting Entry	J1		500	26100
Dec. 31	Adjusting Entry	J1		800	26900
Dec. 31	Closing Entry	J1	26900		0
Depreciation Expense - Furniture
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				0
Dec. 31	Adjusting Entry	J1	100		100
Dec. 31	Closing Entry	J1		100	0
Insurance Expense
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				0
Dec. 31	Adjusting Entry	J1	275		275
Dec. 31	Closing Entry	J1		275	0
Rent Expense
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				0
Dec. 28	Paid December rent	J1	1500		1500
Dec. 31	Closing Entry	J1		1500	0
Salaries Expense
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				0
Dec. 18	Paid Salaries	J1	3200		3200
Dec. 31	Adjusting Entry	J1	3600		6800
Dec. 31	Closing Entry	J1		6800	0
Supplies Expense
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				0
Dec. 31	Adjusting Entry	J1	130		130
Dec. 31	Closing Entry	J1		130	0
Utilities Expense
Date	Explanation	Ref.	Debit	Credit	Balance
	Beg. Balance				0
Dec. 27	Paid utility bill on account	J1	380		380
Dec. 31	Closing Entry	J1		380	0