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T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Date Dec. 31 Date Dec. 31 Adj. Bal. Bal. Adj. Bal. Bal. Adj. Bal. Bal. W Adj. Bal. Bal. Accounts and Explanation Service Revenue Income Summary To close Revenue Accounts and Explanation Bright, Capital Bright, Withdrawals To close Withdrawals Depreciation Expense--Furniture 13,000 Bright, Withdrawals 20,000 18,000 13000 Interest Expense 20000 20000 Bright, Capital 27,000 18000 30,000 69000 Supplies Expense Debit 27000 150,000 Debit 20,000 E W E Adj. Bal. I Bal. E Credit 150,000 Credit 20,000 Date Dec. 31 Date Dec. 31 Adj. Bal. Bal. R Adj. Bal. Bal. Accounts and Explanation Income Summary Bright, Capital To close Income Summary Accounts and Explanation Income Summary Depreciation Expense--Furniture Interest Expense Rent Expense Salaries Expense Supplies Expense To close Expenses Rent Expense 8,000 Service Revenue 150000 15,000 8000 Salaries Expense 81000 69000 Income Summary 15000 150,000 Adj. Bal. 150000 Debit 69000 69,000 E Debit Credit Bal. E R Bal. Credit Bal. 69,000 13,000 18,000 8,000 15,000 27,000

T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Date Dec. 31 Date Dec. 31 Adj. Bal. Bal. Adj. Bal. Bal. Adj. Bal. Bal. W Adj. Bal. Bal. Accounts and Explanation Service Revenue Income Summary To close Revenue Accounts and Explanation Bright, Capital Bright, Withdrawals To close Withdrawals Depreciation Expense--Furniture 13,000 Bright, Withdrawals 20,000 18,000 13000 Interest Expense 20000 20000 Bright, Capital 27,000 18000 30,000 69000 Supplies Expense Debit 27000 150,000 Debit 20,000 E W E Adj. Bal. I Bal. E Credit 150,000 Credit 20,000 Date Dec. 31 Date Dec. 31 Adj. Bal. Bal. R Adj. Bal. Bal. Accounts and Explanation Income Summary Bright, Capital To close Income Summary Accounts and Explanation Income Summary Depreciation Expense--Furniture Interest Expense Rent Expense Salaries Expense Supplies Expense To close Expenses Rent Expense 8,000 Service Revenue 150000 15,000 8000 Salaries Expense 81000 69000 Income Summary 15000 150,000 Adj. Bal. 150000 Debit 69000 69,000 E Debit Credit Bal. E R Bal. Credit Bal. 69,000 13,000 18,000 8,000 15,000 27,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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what are the anwers to red box balances and how to find?

T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Date Dec. 31 Date Dec. 31 Adj. Bal. Bal. Adj. Bal. Bal. Adj. Bal. Bal. W Adj. Bal. Bal. Acco nts and Explanation Service Revenue Income Summary To close Revenue Accounts and Explanation Bright, Capital Bright, Withdrawals To close Withdrawals Depreciation Expense--Furniture 13,000 Bright, Withdrawals 20,000 18,000 13000 Interest Expense 20000 20000 Bright, Capital 27,000 18000 30,000 69000 Supplies Expense Debit 27000 150,000 Debit 20,000 E W E Adj. Bal. I Bal. E Credit 150,000 Credit 20,000 Date Dec. 31 Date Dec. 31 Adj. Bal. Bal. R Adj. Bal. Bal. E | Accounts and Explanation Income Summary Bright, Capital To close Income Summary Accounts and Explanation Income Summary Depreciation Expense--Furniture Interest Expense Rent Expense Salaries Expense Supplies Expense To close Expenses Rent Expense 8,000 Service Revenue 150000 15,000 8000 Salaries Expense 81000 150,000 69000 Income Summary 15000 150000 69000 Debit 69,000 Debit 81,000 E Adj. Bal. Bal. E R Bal. Bal. Credit 69,000 Credit 13,000 18,000 8,000 15,000 27,000
Transcribed Image Text:T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Date Dec. 31 Date Dec. 31 Adj. Bal. Bal. Adj. Bal. Bal. Adj. Bal. Bal. W Adj. Bal. Bal. Acco nts and Explanation Service Revenue Income Summary To close Revenue Accounts and Explanation Bright, Capital Bright, Withdrawals To close Withdrawals Depreciation Expense--Furniture 13,000 Bright, Withdrawals 20,000 18,000 13000 Interest Expense 20000 20000 Bright, Capital 27,000 18000 30,000 69000 Supplies Expense Debit 27000 150,000 Debit 20,000 E W E Adj. Bal. I Bal. E Credit 150,000 Credit 20,000 Date Dec. 31 Date Dec. 31 Adj. Bal. Bal. R Adj. Bal. Bal. E | Accounts and Explanation Income Summary Bright, Capital To close Income Summary Accounts and Explanation Income Summary Depreciation Expense--Furniture Interest Expense Rent Expense Salaries Expense Supplies Expense To close Expenses Rent Expense 8,000 Service Revenue 150000 15,000 8000 Salaries Expense 81000 150,000 69000 Income Summary 15000 150000 69000 Debit 69,000 Debit 81,000 E Adj. Bal. Bal. E R Bal. Bal. Credit 69,000 Credit 13,000 18,000 8,000 15,000 27,000
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