Journalize and post closing entries and complete the closing process.

SHEFFIELD CLEANERS Balance Sheet March 31, 2017 Assets Current Assets Cash 7950 Accounts Receivable 7030 300 Supplies Prepaid Rent Prepaid Insurance 1000 2250 Total Current Assets 18530 Property, Plant and Equipment Equipment 8600 Less 270 8330 Accumulated Depreciation-Equipment Liabilities and Stockholders' Equity Current Liabilities 1620 Accounts Payable Notes Payable Interest Payable Salaries and Wages Payable 6600 1170 Total Current Liabilities 9423 Stockholders' Equity Common Stock 16200 1237 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 17437 26860 Click if you would like to Show Work for this question: Open Show Work Date Account Tides and epanacloh Mar. 31 To close revenue account) Mar. 31 To close expense accounts) Mar. 31 To close net income to retained earnings) To close net income to retained earnings) Mar. 31 To close dividends to retained earnings) Cash 16,200 3/1 6,600 3/2 1,730 3/3 8,600 1,500 2,700 540 1,890 380 970 3/21 3/18 3/20 3/31 3/31 /31 Bal 7,950 Accounts Receivable 4,000 3/21 4,540 1,730 3/28 3/31 /31 Bal 220 7,030 Supplies 2,160 3/31 1,860 /31 Bal 300 Prepaid Rent 1,500 3/31 500 /31 Bal 1,000 Prepaid Insurance 3/3 2,700 3/31 450 /31 Ral 2.250 3/31 Bal 1,000 Prepaid Insurance 2,700 3/31 2,250 Equipment 8,600 8,600 3/3 450 3/31 Bal 3/31 Bal Accumulated Depreciation-Equipment 270 3/31 3/31 Bal 270 Notes Payable 6,600 3/31 Bal 6,600 Accounts Payable 540 3/6 2,160 1,620 3/18 3/31 Bal Salaries and Wages Payable 3/31 1,170 3/31 Bal 1,170 Interest Payable 3/31 3/31 Bal Common Stock 16,200 16,200 16,200 3/31 Bal Retained Earnings Dividends 3/31 970 Income Summary Service Revenue 3/14 3/28 3/31 4,000 4,540 220 Maintenance and Repairs Expense 3/31 380 Supplies Expense 3/31 1,860 Depreciation Expense 3/31 270 Insurance Expense 3/31 450 Salaries and Wages Expense 3/20 1,890 3/31 1,170 Rent Expense 2/31 500 3/31 1,170 Rent Expense 3/31 500 Interest Expense 3/31