Preparing Closing Procedures The adjusted trial balance of Parker Corporation, prepared December 31, 2018, contains the following selected accounts. Adjusted Account Balances Debit Credit Service fees revenue $92,500 Interest income 2,200 Salaries expense $41,800 Advertising expense 4,300 Depreciation expense 8,700 Income tax expense 9,900 Retained earnings 42,700 a. Prepare entries to close these accounts in journal entry form. General Journal Description Debit Credit 12/31 Answer Service fees revenue Answer 92,500 Answer 0 Answer Answer 2,200 Answer 0 Answer Retained earnings Answer 0 Answer 92,500 To close the revenue accounts. 12/31 Answer Salaries expense Answer 0 Answer 0 Answer Prepaid advertising Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 Answer Answer 0 Answer 0 To close the expense accounts. b. Post the closing entries to the appropriate T-accounts and calculate the ending balances for each account. Retained Earnings Bal. 42,700 Answer 0 Answer 0 Bal. Answer 0 Answer 0 Service Fees Revenue Bal. 92,500 Answer 0 Answer 0 Bal. Answer 0 Answer 0 Interest Income Bal. 2,200 Answer 0 Answer 0 Bal. Answer 0 Answer 0 Salaries Expense Bal. 41,800 Answer 0 Answer 0 Bal. Answer 0 Answer 0 Advertising Expense Bal. 4,300 Answer 0 Answer 0 Bal. Answer 0 Answer 0 Depreciation Expense Bal. 8,700 Answer 0 Answer 0 Bal. Answer 0 Answer 0