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Prepare entries to close the accounts in journal entry form

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As of December 31, Hanlon Consulting's financial records contain the following selected account information.

                                                                                                               Debit      Credit

Service fees earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80,300

Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20,800

Salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,700

Supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600

Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,200

Retained earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,000

Prepare entries to close these accounts in journal entry form. Set up T-accounts for each account and post the closing entries to the T-accounts. After these entries are posted, what is the balance of the retained earnings account?

Reference no: EM132327085

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