Refer to the data in BE4-10 for Oromocto Development Corporation. Prepare the closing journal entries.

In BE4-10

The unadjusted and adjusted trial balances for Oromocto Development Corporation at February 28, 2012, are as follows:

The company adjusts its accounts annually. Selected data for the year-end adjustments are as follows:
1. Revenue earned but not yet billed, $2,000
2. Salaries incurred but not yet paid, $3,000
3. Depreciation expense, $4,400
4. Insurance expired, $3,500
5. Supplies used, $4,000
6. Estimated income tax expense, $300

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Trial Balance Debit Credit Adjusted Trial Balance Debit Credit Accounts receivable Prepaid insurance Accumulated depreciation-equipment 2 22,000 $ 1,000 3 $13,000 0 20,000 20,000 30,000 3 Insurance expense 2,400 Miscellaneous expense Income tax expense $85,000 $85,000 $94,700