As of December 31, the end of the current year, the ledger of El- P.O. 2 liott Company contained the following account balances:

All the accounts have normal balances. Journalize the closing entries.

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Cash $76,000 Income from Services $196,000 Equipment 74,000 Concession Income 6,000 Accumulated Deprecia- Salary Expense 96,000 tion, Equipment 44,000 Rent Expense 12,000 Accounts Payable 8,000 Depreciation Expense, Salaries Payable 1,000 Equipment 18,000 W. O. Elliott, Capital 84,000 Miscellaneous Expense 3,000 W. O. Elliott, Drawing 60,000