The closing entries and ending balances of the T-accounts of K. Korver are as follows:
1) Post-closing entries:
K. Korver, Capital
Account Titles Debit Credit
Ending balance $18,000
K. Korver, Withdrawals $2,000
K. Korver, Withdrawals
Account Titles Debit Credit
Ending balance $2,000
K. Korver, Capital $2,000
Services Revenue
Account Titles Debit Credit
Ending balance $33,000
Income Statement $33,000
Salaries Expense
Account Titles Debit Credit
Ending balance $25,000
Income Statement $25,000
Rent Expense
Account Titles Debit Credit
Ending balance $3,000
Income Statement $3,000
What are post-closing entries:
Post-closing entries are the ledger postings made to the income summary with regard to revenues, expenses, retained earnings, and dividends, or withdrawals.
2) The computation of the final balances of the T-accounts is as follows:
K. Korver, Capital
Account Titles Debit Credit
Normal balance $18,000
K. Korver, Withdrawals 2,000
Ending balance $16,000
K. Korver, Withdrawals
Account Titles Debit Credit
Normal balance $2,000
K. Korver, Capital $2,000
Services Revenue
Account Titles Debit Credit
Normal balance $33,000
Income Statement $33,000
Ending balance $0
Salaries Expense
Account Titles Debit Credit
Normal balance $25,000
Income Statement $25,000
Ending balance $0
Rent Expense
Account Titles Debit Credit
Normal balance $3,000
Income Statement $3,000
Ending balance $0
Thus, the post-closing entries and the ending balances of the T-accounts have been entered and computed respectively.
Learn more about post-closing entries at https://brainly.com/question/14274904
