At the end of its fiscal year, the adjusted trial balance of Donatello Company is as follows:

Instructions

Prepare the closing entries.

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DONATELLO COMPANY Adjusted Trial Balance July 31, 2021 Credit Debit $ 4,650 Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation-equipment 11,400 8,500 750 19,950 $ 5,700 Patents 18,300 Accounts payable Interest payable 4,245 750 Unearned revenue 2,050 Notes payable (due on July 1, 2023) B. Donatello, capital B. Donatello, drawings Service revenue 45,000 28,285 16,500 75,000 Interest revenue 320 Depreciation expense Interest expense Rent expense Salaries expense Supplies expense 2,850 3,000 18,550 36,050 20,850 $161,350 $161,350