Problem 3-75B (Algorithmic) Preparation of Closing Entries and a Statement of Earnings Clayoquot Boat Repair Ltd....

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Problem 3-75B (Algorithmic) Preparation of Closing Entries and a Statement of Earnings Clayoquot Boat Repair Ltd. has entered and posted its adjusting entries for 2022. The following are selected account balances after adjustment: Sales Revenue Interest Revenue $ 693,300 6,800 Accounts Payable 8,330 Wages Expense 405,600 Accounts Receivable, 12/31/2022 65,000 Supplies Expense 68,350 Supplies, 12/31/2022 179,000 Prepaid Rent 7,200 Rent Expense 27,800 Unearned Sales Revenue 12,200 Insurance Expense 93,900 Wages Payable 11,700 Utilities Expense 12,300 Interest Expense 9,500 Depreciation Expense, Equipment 20,000 Accumulated Depreciation, Equipment Income Tax Expense 75,000 12,300 Income Tax Payable 8,300 7,800 Dividends Declared Required: 1. Using the accounts and balances above, prepare the closing entries for 2022. For those boxes in which no entry is required, leave the box blank. Problem 3-75B (Algorithmic) Preparation of Closing Entries and a Statement of Earnings Clayoquot Boat Repair Ltd. has entered and posted its adjusting entries for 2022. The following are selected account balances after adjustment: Sales Revenue Interest Revenue $ 693,300 6,800 Accounts Payable 8,330 Wages Expense 405,600 Accounts Receivable, 12/31/2022 65,000 Supplies Expense 68,350 Supplies, 12/31/2022 179,000 Prepaid Rent 7,200 Rent Expense 27,800 Unearned Sales Revenue 12,200 Insurance Expense 93,900 Wages Payable 11,700 Utilities Expense 12,300 Interest Expense 9,500 Depreciation Expense, Equipment 20,000 Accumulated Depreciation, Equipment Income Tax Expense 75,000 12,300 Income Tax Payable 8,300 7,800 Dividends Declared Required: 1. Using the accounts and balances above, prepare the closing entries for 2022. For those boxes in which no entry is required, leave the box blank.