Lipsky Insurance Agency reported the following items at May 31:

Make Lipsky Insurance Agency's closing entries, as needed, for these accounts. Include explanations.

Sales and Marketing $1,000 ...4,200 300 400 ,200 Long-Term Liabilities400 C. Lipsky, Capital. 2,700 $1,600 Service Revenue Expense.... Other Assets.. Amnizain C. Lipsky, Withdrawals 00 Accounts Payable 700 Rent Expense 200 Accounts Receivable...1 xpense7 ...2