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Identifying and journalizing closing entries
Gunther recorded the following transactions and year-end adjustments during 2012: Journal EntryAccounts and ExplanationsDebitCreditPrepaid rent8,000 Cash 8,000Prepaid the annual rent. Rent expense5,100 Prepaid rent 5,100Adjustment to record rent expense for the year. Cash4,200 Unearned service revenue 4,200Collected cash in advance of service revenue to be earned. Unearned service revenue4,700 Service revenue 4,700Adjustment to record revenue earned. Requirements
1. Assuming that there were no other service revenue and rent expense transactions during 2012, journalize Gunther's closing entries at the end of 2012.
2. Open T-accounts for Service revenue and Rent expense. Post the closing entries to these accounts. What are their balances after closing?
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