Identifying and journalizing closing entries [15 min]Gunther recorded the following transa...

Identifying and journalizing closing entries [15 min]

Gunther recorded the following transactions and year-end adjustments during 2012:

Requirements

1. Assuming that there were no other service revenue and rent expense transactions during 2012, journalize Gunther’s closing entries at the end of 2012.

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