Can someone help with closing entry for this question?

Your answer is correct. Prepare adjusting journal entries for the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts.) 1. Bad debt expense is estimated to be $1,311. 2. Equipment is depreciated based on a 7-year life (no salvage value). 3. Insurance expired during the year $2,368. 4. Interest accrued on notes payable $3,340. 5. Sales salaries and wages earned but not paid $2,522. 6. Advertising paid in advance $718. 7. Office supplies on hand $1,540, charged to Supplies Expense when purchased. No. Account Titles and Explanation Debit Credit 1. Bad Debt Expense 1311 Allowance for Doubtful Accounts 1311 2. Depreciation Expense 13000 Accumulated Depreciation-Equipment 13000 3. Insurance Expense 2368 Prepaid Insurance 2368 4. Interest Expense 3340 Interest Payable 3340 5. Salaries and Wages Expense 2522 Salaries and Wages Payable 2522 6. Prepaid Advertising 718 Advertising Expense 718 7. Supplies 1540 Supplies Expense 1540 Post adjusting journal entries to the T-accounts. Cash Bal. 25,700 Inventory Bal. 83,740 Prepaid Insurance Bal. 6.890 Adj. 2368 4522 Common Stock Bal. 83,663 Salaries and Wages Expense (Sales) Bal. 50,500 Adj. 2522 Bad Debt Expense Adj. 1311 Interest Payable Adj. 3340 Supplies Adj. 1540 Retained Earnings Bal. 10,610 Accounts Receivable Bal. 33,400 Equipment Bal. 91,000 Notes Payable Bal. 29,390 Sales Revenue Bal. 679,099 Advertising Expense Bal. 7,680 Adj. 718 Supplies Expense Bal. 4.710 Adj. 1540 Depr. Exp. Adj. 13000 Salaries and Wages Payable Adj. 2522 Cost of Goods Sold Bal. 462,100 Allow. for Doubtful Accts. Bal. 91.000 Notes Payable Bal. 29,390 Sales Revenue Bal. 679,099 Advertising Expense Bal. 7,680 Adj. 718 Supplies Expense Bal. 4,710 Adj. 1540 Depr. Exp. Adj. 13000 Salaries and Wages Payable Adj. 2522 Cost of Goods Sold Bal. 462.100 Allow. for Doubtful Accts. Bal. 718 Adj. V 1311 2029 Accum. Depr.-Equipment Bal. 31,930 Adj. 13000 44930 Interest Expense Adj. 3340 Insurance Expense Adi. 2368 Salaries and Wages Expense (Administrative) Bal. 69,690 Prepaid Advertising Adj. 718 Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 Sales Revenue 679099 Income Summary 679099 (To close revenue account) 2. Dec. 31 Income Summary 620725 Cost of Goods Sold 462100 Interest Expense 3340 Insurance Expense 2368 Salaries and Wages Expense 53022 Advertising Expense 7680 Supplies Expense 3170 Bad Debt Expense 1311 Salaries and Wages Expense 74734 Depreciation Expense 13000 (To close expense accounts) 3. Dec. 31 Income Summary 58374 Retained Earnings 58374 (To close net income / (loss))