(L.OBJ. 3) Identifying and journalizing closing entries [15 min] Ms. Marcia Marigold re...

(L.OBJ. 3) Identifying and journalizing closing entries [15 min]

Ms. Marcia Marigold recorded the following transactions and year-end adjustments during 2010:

Requirements

1. Assuming that there were no other service revenue and rent expense transactions during 2010, journalize Marcia’s closing entries at the end of 2010 for the two accounts.

2. Open T-accounts for Service revenue and Rent expense. Post the closing entries to these accounts. What are their balances after closing?