Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances provided. Prepare closing entries at December 31, 2020, and post them to the T-accounts.

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Marcy Jones, Capital Liabilities Assets 71,800 Dec. 31 Dec. 31 142,000 Dec. 31 51,000 Marcy Jones, Withdrawals Salaries Expense Rent Expense 9,100 Dec. 31 38,000 Dec. 31 27,000 Dec. 31 Services Revenue Insurance Expense 1,500 Income Summary 103,000 Dec. 31 Dec. 31 Depreciation Expense 8,200 Dec. 31