compute the ending balance of simon capital 559627

Journalizing closing entries

It is December 31 and time for you to close the books for Brett Tilman Enterprises.

Requirement

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.

Requirements

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.

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