ACTIT Example #3 Closing Entries The adjusted trial balance for Carter Company follows: Carter Co. Adjusted Trial Balance December 31, 2013 Account Title Debit Credit Cash $15,500 Office Supplies $1,100 Prepaid Insurance $1,875 Equipment $49,500 Accumulated Depreciation - Equipment $4,200 Accounts Payable $13,230 Wages PayableWages Payable $320 S. Carter, Capital $33,975 S. Carter, Withdrawals $10,000 Repair Fees Earned $80,000 Depreciation Expense - Equipment $4,200 Wages Expense $36,500 Insurance Expense $750 Rent Expense $8,600 Office Supplies Expense $2,500 Utilities Expense $1,200 Totals $131,725 $131,725 Required: 1. Prepare the closing journal entries