Enter the following December 31 normal balances in the first row of T-accounts below: K. Korver, Capital $20,600; K. Korver, Withdrawals $3,300; Services Revenue $39,500, Salaries Expense $27,600; and Rent Expense $5,600. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0. K. Korver, Capital Adjusted Balance Ending Balance Income Summary Adjusted Balance Ending Balance 3,300 Salaries Expense Adjusted Balance Ending Balance K. Korver, Withdrawals 20,600 Adjusted Balance Ending Balance Services Revenue Adjusted Balance Ending Balance Rent Expense Adjusted Balance Ending Balance
Enter the following December 31 normal balances in the first row of T-accounts below: K. Korver, Capital $20,600; K. Korver, Withdrawals $3,300; Services Revenue $39,500, Salaries Expense $27,600; and Rent Expense $5,600. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0. K. Korver, Capital Adjusted Balance Ending Balance Income Summary Adjusted Balance Ending Balance 3,300 Salaries Expense Adjusted Balance Ending Balance K. Korver, Withdrawals 20,600 Adjusted Balance Ending Balance Services Revenue Adjusted Balance Ending Balance Rent Expense Adjusted Balance Ending Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Enter the following December 31 normal balances in the first row of T-accounts below: K. Korver, Capital $20,600; K. Korver,
Withdrawals $3,300; Services Revenue $39,500, Salaries Expense $27,600; and Rent Expense $5,600. (1) Post closing entries to each
account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0.
K. Korver, Capital
Adjusted Balance
Ending Balance
Income Summary
Adjusted Balance
Ending Balance
3,300
Salaries Expanse
Adjusted Balance
Ending Balance
K. Korver, Withdrawals
20.600 Adjusted Balance
Ending Balance
Services Revenue
0 Adjusted Balance
Ending Balance
Rent Expense
Adjusted Balance
Ending Balance
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