Enter the following December 31 normal balances in the first row of T-accounts below: K. Korver, Capital $19,000; K. Korver, Withdrawals $2,500; Services Revenue $35,500; Salaries Expense $26,000; and Rent Expense $4,000. (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 Salaries Expense Adjusted Balance Ending Balance 0 K. Korver, Withdrawals Adjusted Balance Ending Balance Services Revenue Adjusted Balance Ending Balance Adjusted Balance Ending Balance Rent Expense

Enter the following December 31 normal balances in the first row of T-accounts below: K. Korver, Capital $19,000; K. Korver, Withdrawals $2,500; Services Revenue $35,500; Salaries Expense $26,000; and Rent Expense $4,000. (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 Salaries Expense Adjusted Balance Ending Balance 0 K. Korver, Withdrawals Adjusted Balance Ending Balance Services Revenue Adjusted Balance Ending Balance Adjusted Balance Ending Balance Rent Expense

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1OYO

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