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Compute the ending balances of simmons and capital

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Reference no: EM132483563

The following balances appear on the books of Sarah Simmons Enterprises:

Simmons Capital $29,600

Simmons, withdrawal $10,500

Income Summary $0

Service Revenue $24,500

Salaries Expense $6,200

Rent Expense $3,500

Advertising Expense $2,000

All accounts have normal balances.

Question 1: Open a T-account for each account, and insert it's adjusted balance as given (denote as Adj Bal) at December 3.

Question 2: Post the closing entries to the accounts, denoting posted amounts as Clo.

Question 3: Compute the ending balances of Simmons, Capital.

Reference no: EM132483563

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