The following account information from Oza Corporation's adjusted trial balance at December 31 is arranged in alphabetical order by account:
Accounts Receivable.............. $18,000
Accounts Payable.............. 7,000
Accumulated Depreciation, Equipment....... 3,000
Additional Paid-in Capital............ 31,000
Cash.................... 9,000
Common Stock............... 5,000
Cost of Goods Sold.............. 11,000
Dividends.................. 2,000
Equipment................. 22,000
Interest Expense................. 100
Inventory................... 5,000
Loss on Sale of Equipment............ 5,800
Notes Payable................. 4,100
Retained Earnings, beginning........... 4,000
Sales Revenue................. 20,000
Supply Expense............... 1,200
Q1. Prepare closing entries for the year ended December 31.