Question: Prepare the required closing journal entries for the year ended December 31, using the items from the Income Statement columns of a work sheet that

Prepare the required closing journal entries for the year ended December 31, using the items from the Income Statement columns of a work sheet that follow and assuming that withdrawals by the owner, A. Riley, were$7,000.

Credit 35,860 Account Name Repair Revenue Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense -Repair Equipment Debit 13,260 2,800 6,390 1,370 3,020 26,840 35,860 9,020 35,860 Net Income 35,860

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