Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Debit $ 10,000 Credit 19,500 5,000 192,000 $ 38,000 105,000 18,000 Interest payable 6,000 Long-term notes payable 68,000 Common stock 40,000 Retained earnings 150,000 Dividends 22,000 Trucking revenue 150,000 Depreciation expense-Trucks 25,500 Salaries expense 67,000 Office supplies expense 10,000 Interest expense 14,000 Totals $470,000 $470,000 Exercise 3-23 (Algo) Preparing closing entries LO P6 Prepare the closing entries for the year ended December 31. The Retained Earnings account balance was $150,000 at December 31 of the prior year.