The following balances appear on the books of Harvey TilmanEnterprises: Retained Earnings, $ 20 comma 600;Dividends, $ 8 comma 200; Income Summary, $0; Service Revenue, $ 23 comma 500; Salaries Expense, $ 6 comma 000;Rent Expense $ 3 comma 600;and Advertising Expense, $ 3 comma 200. All accounts have normal balances.
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.
Requirement 2. Post the closing entries to the accounts, denoting posted amounts as Clos.Start by closing revenues.
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