prepare t accounts for patel insurance agency insert the account balances prior to c 559629

Posting closing entries

Patel Insurance Agency reported the following items at September 30:

Sales and marketing expense

$1,600

Cash

$1,300

Other assets

700

Service revenue

4,000

Depreciation expense

900

Patel, capital

500

Long term liabilities

600

Accounts receivable

900

Requirement

1. Prepare T accounts for Patel Insurance Agency. Insert the account balances prior to closing. Post the closing entries to the affected T accounts, and show each account’s ending balance after closing. Also show the Income summary T account. Denote a balance as Bal and a closing entry amount as Clo.

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