Let's move to the next one. On December 31st, Mary Jo paid $990 in estimated taxes for the year. Okay, in this situation, we know that the expense is the expense of the current period. So we're going to record. A debit or a left hand side to retained earnings, for income, tax, expense or tax expense. That's a decrease of $990. And she did pay this in cash on the last day of the year, so rather than a crewing for this expense and a liability account called income tax payable we'll represent the decrease in cash because she did in fact pay that In cash. Let's post to the T accounts, the left-hand to the retained earnings, 990, we'll make the notation at entry 11 and then it's associated with tax expense. And we make the right-hand side to the cash T account, 990, Entry 11, let's make sure assets are still equal to liabilities plus owner's equity. And indeed I'm guessing that you think they are, We've got a decrease in retained earnings, which is a decrease in owners' equity of 990, and we've got a decrease in cash of 990. So both sides of the equation decrease, and we are smiling. So we have spent a lot of time working together on the Garden Spot, recording transactions for the first year of its operation. Here's what the T accounts looks like after having done all of that work. It's important at the end of the Accounting period before we prepare Financial Statements, for us to figure out what the balance of each of the accounts is. So I'm going to put a bottom to the T account for each of these. And we're going to determine by summing the left side entries and the right side entries and then netting them against each other, we're going to determine the ending balance in each of these accounts. Now recall that assets typically have a left side balance. Because when we increase their balances we're recording left side entries. So the ending balance in each of this asset accounts should be left side balances. But also recall that on the right side of the equation we typically have, we see liabilities in owner's equity accounts that have right side balances. So we would expect the ending balance to be a right side balance for each of these accounts. So let's take a simple one to do the simple math. If we start out with zero accounts in the accounts receivable account, and we increase that balance by 85,000 and there's nothing on the right hand side of that T account, then our ending balance is $85,000, okay? Let's look at the truck account, a little bit different. We start with a beginning balance of 0. We increase that balance by 12,000 but we reduce the balance by $2,400 because of depreciation. So the ending balance then in that account would be $9,600. And again, that's on the left side because the entries that were made into this account on the left side were greater than those that were made on the right side okay. Simply speaking, over here on the right side we see that capital stock has an ending balance of 60,000. But slightly more difficult, the loan payable account started with 0, we increased it by 40,000 when we took the loan out, but we made a payment of principle of 10,000, so the ending balance is 30,000. So we've got to determine the ending balances for each of these before we can move forward to prepare the financial statements. Okay, so here's what we look like with the ending balances, so we've done a lot of work, a lot of hard work, we've really rolled up our sleeves and done some nice stuff. So I think we're probably feeling pretty good about what we've done at this point, so we'll move forward in a moment to prepare financial statements.