Journalizing and Posting Closing EntriesThe adjusted trial balance as of December 31, 2015, for BrooksConsulting Company contains the following selected accounts.Adjusted AccountBalancesDebitCreditService Fees Earned€32,120Rent Expense€8,320Salaries Expense18,280Supplies Expense2,240Depreciation Expense4,080Retained Earnings26,800(a) Prepare entries to close these accounts in journal entryform.General Journal DescriptionDebitCreditDec. 31(1)AnswerCashRetained EarningsService Fees EarnedIncomeExpenseAnswerAnswerAnswerIncome ExpenseService Fees EarnedCashRetainedEarningsAnswerAnswerTo close revenue account.Dec. 31(2)AnswerIncome ExpenseCashRetained EarningsService FeesEarnedAnswerAnswerRent ExpenseAnswerAnswerSalaries ExpenseAnswerAnswerSupplies ExpenseAnswerAnswerDepreciation ExpenseAnswerAnswerTo close the expense accounts.(b) Set up T-accounts for each of the ledger accounts, enter thebalances above, and post the closing entries to them. After theseentries are posted, show the closing balance for each account.Service Fees EarnedBeg. BalanceAnswerAnswer(1)AnswerAnswerBalanceAnswerAnswerRent ExpenseBeg. BalanceAnswerAnswer(2)AnswerAnswerBalanceAnswerAnswerSalaries ExpenseBeg. BalanceAnswerAnswer(2)AnswerAnswerBalanceAnswerAnswerSupplies ExpenseBeg. BalanceAnswerAnswer(2)AnswerAnswerBalanceAnswerAnswerDepreciationExpenseBeg. BalanceAnswerAnswer(2)AnswerAnswerBalanceAnswerAnswerRetained EarningsBeg. BalanceAnswerAnswer(1)AnswerAnswer(2)AnswerAnswerBalanceAnswerAnswer Answer: General Journal DescriptionDebitCreditDec. 311Service feesearned32,120retainedearnings32,120To closerevenue account.Dec. 312)Retainedearnings32,920RentExpense8,320SalariesExpense18,280SuppliesExpense2,240DepreciationExpense4,080Service Fees EarnedBeg.Balance32,1201)32,120Balance0Rent ExpenseBeg.Balance8,32028,320Balance0Salaries ExpenseBeg.Balance18,280218,280Balance0Supplies ExpenseBeg.Balance2,24022,240Balance0Depreciation ExpenseBeg.Balance4,08024,080Balance0Retained EarningsBeg.Balance26,8001)32,1202)32,920Balance26,000

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Journalizing and Posting Closi

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January 18th, 2023

Journalizing and Posting Closing EntriesThe adjusted trial balance as of December 31, 2015, for BrooksConsulting Company contains the following selected accounts.

Adjusted AccountBalances
	Debit	Credit
Service Fees Earned		€32,120
Rent Expense	€8,320
Salaries Expense	18,280
Supplies Expense	2,240
Depreciation Expense	4,080
Retained Earnings		26,800

(a) Prepare entries to close these accounts in journal entryform.

General Journal
	Description		Debit	Credit
Dec. 31	(1)	AnswerCashRetained EarningsService Fees EarnedIncomeExpense	Answer	Answer
		AnswerIncome ExpenseService Fees EarnedCashRetainedEarnings	Answer	Answer
		To close revenue account.

Dec. 31	(2)	AnswerIncome ExpenseCashRetained EarningsService FeesEarned	Answer	Answer
		Rent Expense	Answer	Answer
		Salaries Expense	Answer	Answer
		Supplies Expense	Answer	Answer
		Depreciation Expense	Answer	Answer
		To close the expense accounts.

(b) Set up T-accounts for each of the ledger accounts, enter thebalances above, and post the closing entries to them. After theseentries are posted, show the closing balance for each account.

Service Fees Earned
Beg. Balance	Answer	Answer
(1)	Answer	Answer
Balance	Answer	Answer

Rent Expense
Beg. Balance	Answer	Answer
(2)	Answer	Answer
Balance	Answer	Answer

Salaries Expense
Beg. Balance	Answer	Answer
(2)	Answer	Answer
Balance	Answer	Answer

Supplies Expense
Beg. Balance	Answer	Answer
(2)	Answer	Answer
Balance	Answer	Answer

DepreciationExpense
Beg. Balance	Answer	Answer
(2)	Answer	Answer
Balance	Answer	Answer

Retained Earnings
Beg. Balance	Answer	Answer
(1)	Answer	Answer
(2)	Answer	Answer
Balance	Answer	Answer

Answer:


General Journal
	Description		Debit	Credit
Dec. 31	1	Service feesearned	32,120
		retainedearnings		32,120
		To closerevenue account.

Dec. 31	2)	Retainedearnings	32,920
		RentExpense		8,320
		SalariesExpense		18,280
		SuppliesExpense		2,240
		DepreciationExpense		4,080




Service Fees Earned
Beg.Balance		32,120
1)	32,120
Balance		0
Rent Expense
Beg.Balance	8,320
2		8,320
Balance	0
Salaries Expense
Beg.Balance	18,280
2		18,280
Balance	0
Supplies Expense
Beg.Balance	2,240
2		2,240
Balance	0
Depreciation Expense
Beg.Balance	4,080
2		4,080
Balance	0
Retained Earnings
Beg.Balance		26,800
1)		32,120
2)	32,920
Balance		26,000

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