It is December 31st, which means it is time for you to close the books on the year. Refer to the balances information in the table below to answer the following questions listed under the table. Cedrick Owens Enterprises
Dividends, $11,000
Service revenue, $25,200
Salary, $7,500
Rent, $3,000
Advertising, $2,200

Set up each T-account given and insert its adjusted balance as given (denote as Bal) at December 31.
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Set up a T-account for Retained earnings, $20,300, and for Income summary.
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Post the closing entries to the accounts, denoting posted amounts as Clo.
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Compute the ending balance of Retained earnings.
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