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W 84-11 (similar to) Question Help The following balances appear on the books of Sarah Simon Enterprises: Retained Earnings, $24,000; Dividends, 56,600; Income Summary, 50; Service Revenue, $22,600; Salaries Expense, $7,500; Rent Expense $3,000; and Advertising Expense, $3,100. All accounts have normal balances. Read the requirements Requirement 1. The T-accounts have been set up for you. Insert each account's adjusted balance as given (denote as Adj. Bal.) at December 31. Retained Earnings 24,000 Adj. Bal. Service Revenue 22,600 Adj. Bal. Dividends 6,600 Salaries Expense 7,500 Adj. Bal. Adj. Bal. Income Summary Rent Expense 3,000 Adj. Bal. Advertising Expense 3,100 Adj. Bal. - X Requirements Requirement 2. Post the closing entries to the accounts, denoting posted amounts as Clos. Start by closing revenues. Retained Earnings 24,000 Adj. Bal. Service Revenue 22,600 Adj. Bal. 22,600 1. The T-accounts have been set up for you. Insert each account's adjusted balance as given (denote as Adj. Bal) at December 31. 2. Post the closing entries to the accounts, denoting posted amounts as Clos. 3. Compute the ending balance of Retained Earnings. Clos Print Done Dividends Salaries Expense Adj. Bal. 6,600 Adj. Bal. 7.500] Rent Expense Income Summary 22.600 Clos. Adj. Bal. 3,000 Choose from any list or enter any number in the input fields and then click Check Answer. ? parts remaining Clear All Check Answer Question Help % S4-11 (similar to) The following balances appear on the books of Sarah Simon Enterprises: Retained Earnings, $24,000; Dividends, S6,600; Income Summary, 50; Service Revenue, $22,600; Salaries Expense, S7,500; Rent Expense $3.000; and Advertising Expense, $3,100. All accounts have normal balances. Read the requirements 22,600 Clos. Adj. Bal 3,000 Advertising Expense Adj. Bal. 3,100 Close all the expense accounts for the period and calculate the post-closing balance ("Bal.") of each expense account and the Service Revenue account. For any account with posting the entry to close out the Income Summary account. Do not close the Income Summary account in this step. zero balance after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal.") before Retained Earnings 24,000 Adj. Bal. Service Revenue 22,600 22,600 Adj. Bal. Clos. Requirements Dividends 6,600|| Salaries Expense 7,500 Adj. Bal. Adj. Bal. 1. The T-accounts have been set up for you. Insert each account's adjusted balance as given (denote as Adj. Bal.) at December 31. 2. Post the closing entries to the accounts, denoting posted amounts as Clos. 3. Compute the ending balance of Retained Earnings. Rent Expense Income Summary 22.600 Clos. Adj. Bal. 3.000 Print Done Advertising Expense 3.100 Adj. Bal. Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Check

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