(L.OBJ. 3) Posting closing entries [5 min]
It is December 31 and time for your business to close the books. The following balances appear on the books of Cedrick Owens Enterprises.
a. Withdrawals, $11,000
b. Service revenue, $25,200
c. Expense account balances: Salary, $7,500; Rent, $3,000; Advertising, $2,200
Requirements
1. Set up each T-account and insert its adjusted balance as given (denote as Bal) at December 31. Also set up a T-account for Capital, $20,300, and for Income summary.
2. Post the closing entries co the accounts, denoting posted amounts as Clo.
3. Compute the ending balance of Capital.
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