Posting closing entries [5 min]Patel Insurance Agency reported the following items at Sept...

Posting closing entries [5 min]

Patel Insurance Agency reported the following items at September 30:

Requirement

1. Prepare T-accounts for Patel Insurance Agency. Insert the account balances prior to closing. Post the closing entries to the affected T-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.