I need help with this assignment.

I need help preparing the closing journal entries for the below information.

Also, why are the temporary accounts closed?

AC 111 Assignment #3 Closing Entries The adjusted trial balance for Carter Company follows: Carter Co. Adjusted Trial Balance December 31, 2013 Account Title Debit Cash $17,000 Office Supplies $2,000 Prepaid Insurance $1,750 Equipment $48,250 Accumulated Depreciation Equipment Accounts Payable Wages Payable S. Carter, Capital S. Carter, Withdrawals $10,000 Repair Fees Earned Depreciation Expense Equipment $5,100 Wages Expense $37,2 00 Insurance Expense $550 Rent Expense $7,900 Office Supplies Expense $2,100 Utilities Expense $1,000 Totals $132,850 Required: 1. Prepare the closing journal entries. Credit $3,200 $14,130 $700 $44,820 $70,000 $132,850