Question: Problem 1. (22 points) Prepare the closing journal entries for the ABC company for December 31, 2022 using the balances in the following accounts. The

Problem 1. (22 points) Prepare the closing journal entries for the ABC company for December 31, 2022 using the balances in the following accounts. The owner did not make any withdrawals during the period. Account Debit Credit

Credit Revenues $500,000

Debit Depreciation expense $30,000

Debit Rent expense $15,000

Debit Salaries expense $150,000

Debit Advertising expense $15,000

Debit Insurance expense $12,000

Debit Supplies expense $8,000

Credit Owners Capital $50,000

Closing entries:

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What is its position?

What are the organizations relationship goals on this issue?

Does the organization have willingness to work toward these goals? If no, how can willingness be generated?