Question: Quick Practice 5-2 Objective: To journalize closing entries from account balances Directions: Prepare closing entries for the year ended December 31, 20X2, in general journal

Quick Practice 5-2 Objective: To journalize closing entries from account balances Directions: Prepare closing entries for the year ended December 31, 20X2, in general journal form from the following list of adjusted account balances of Mottagh Photography Account Balance Photography Revenue $96,000 Rent Expense 7,200 Supplies Expense 1,240 Salaries Expense 15,000 Depreciation Expense-Equipment 3,100 Utilities Expense 750 Abbas Mottaghi, Drawing 50,000 Abbas Mottaghi, Capital 42,800

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