At year- end, Nelsons Nursery, Inc. had account balances as follows: Sales Revenue of $ 220,000; Wage

Question:

At year- end, Nelson’s Nursery, Inc. had account balances as follows: Sales Revenue of $ 220,000; Wage Expense of $ 74,000; Administrative Expense of $ 12,000; Utility Expense of $ 6,000; and Rent Expense of $ 10,000. Prepare the necessary year- end closing entries. .