Antonio Black started his business Antonio's Bait and Tackle on 1 July 2022. The adjusted trial balance at 30 June 2023 (the end of the financial year) is shown below.

Antonio's Bait and Tackle Adjusted trial balance As at 30 June 2023
Account	Debit	Credit
Cash at bank	30,500
Accounts receivable	25,500
Fishing supplies	6,200
Prepaid insurance	3,000
Boat	42,000
Accumulated depreciation - boat		18,000
Accounts payable		8,000
Unearned service revenue		5,040
Mortgage payable - due 31 December 2027		3,150
A. Black, capital		29,860
A. Black, drawings	8,720
Sales revenue		80,090
Salaries expense	15,050
Insurance expense	1,200
Interest expense	600
Depreciation expense	4,400
Fishing supplies expense	2,070
Rent expense	4,900
	144,140	144,140

Prepare closing entries to be made on 30 June 2023 (please include narrations/explanations in brackets under each closing entry, as shown in the example below).

NOTE: Please use the following format for each closing entry you record (this is only an example for illustrative purposes):

Dr. Rent expense $20,000

Cr. Prepaid insurance $20,000

(To record rental costs expired)