Using a worksheet/excel, prepare closing entries based on the information derived from the partial worksheet shown above. Observe the proper way of recording entries using the particulars column for the debit and credit account titles and by placing the correct debit and credit amounts in their respective money columns. Use December 31, 20120 as your date for the closing entries. (PREPARE 4 SEPARATE CLOSING ENTRIES) (Thanks a Lot!)

A portion of the Y Services' worksheet shows the following information.

Income Statement Balance Sheet Debit Credit Debit Credit Cash 37,000 Accounts receivable 50,000 Supplies 2,000 Prepaid insurance 17,500 Equipment 360,000 Accumulated depreciation 10,000 Accounts payable ...... 180,000 Accrued salary payable 5,000 Y, Capital 200,000 Y, Drawing 15,000 Service income 200,000 Rent expense 20,000 Salary expense 70,000 Supplies expense 6,000 Telephone expense 5,000 Depreciation expense 10,000 Insurance expense 2,500 Subtotals 113,500 200,000 481,500 395,000 Net income 86,500 86,500 Grand Total 200,000 200,000 481,500 481,500