Journal entry worksheet > 2 2 Record the closing entry for expenses. Note: Enter debits before credits. General Journal Debit Credit Date December 31 2021 Credits Debits $16,000 7,200 3,200 11, eee Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,480 5,400 21, eee 7,600 $37,400 $37,480 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $52,000, of which $20, 200 is on account. 2. May 2 Collect on accounts receivable, $17,200. 3. June 30 Issue shares of common stock in exchange for $4,000 cash. 4. August 1 Pay salaries of $5,400 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $12,200. 6. October 19 Purchase equipment for $7,200 cash. 7. December 30 Pay $1,200 cash dividends to stockholders. 11. Prepare a post-closing trial balance