Refer to the adjusted trial balance in M4-9. Prepare closing journal entries on December 31,
2014.
Data from M4-9,

Prepare closing journal entries on December 31, 2014.

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Debit Credit $ 1,230 Cash Accounts Receivable 2,000 Prepaid Insurance Notes Receivable 2,300 3,000 Equipment 12,000 $ 2,600 Accumulated Depreciation Accounts Payable Accrued Liabilities Payable Wages Payable Income Taxes Payable 1,600 3,820 1,000 2,900 600 Unearned Rent Revenue Contributed Capital 2,400 Retained Earnings 1,000 Dividends Declared 300 Sales Revenue 42,030 Rent Revenue 300 Wages Expense 21,600 Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense 1,300 1,220 1,400 9,000 2,900 $58,250 Total $58,250