Refer to the data in BE4.11 for Oromocto Corporation. Prepare the closing journal entries.

Prepare and post closing entries.

In BE4.11

Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018:

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Accounts payable Accounts receivable Accumulated depreciation-equipment5,400 Prepaid insurance Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense $13,000 Income tax payable 4,550 28,000 Insurance expense 3,500o 2,500 6,000 10,000 Retained earnings 21,000 3,000 2,000 Salaries expense46,400 1,000 89,500 Supplies expense4,000 2,400 18,000 Rent expense 4,400 Salaries payable 23,450 Supplies 4,800 Utilities expense