Journalizing closing entries
It is December 31 and time for you to close the books for Brett Tilman Enterprises.
1. Journalize the closing entries for Brett Tilman Enterprises:
a. Service revenue, $20,600.
b. Make a single closing entry for all the expenses: Salary, $7,200; Rent, $4,500; Advertising, $3,400.
c. Income summary.
d. Drawing, $3,800.
1. Set up each T account given and insert its adjusted balance as given (denote as Bal) at December 31. Also set up a T account for Simon, capital, $26,100, and for Income summary.
2. Post the closing entries to the accounts, denoting posted amounts as Clo.
3. Compute the ending balance of Simon, capital.