(L.OBJ. 3) Posting closing entries [5 min] Kaminsky Insurance Agency reported the follo...

(L.OBJ. 3) Posting closing entries [5 min]

Kaminsky Insurance Agency reported the following items at June 30:

Requirement

1. Prepare T-accounts for Kaminsky Insurance Agency. Insert the account balances prior to closing. Post the closing entries to these accounts, and show each account’s ending balance after closing. Also show the Income summary T-account. Denote a balance as Bal and a closing entry amount as Clo.