The following account balances were taken from Long Tail Consulting’s year-end adjusted trial balance (assume these are the company’s only temporary accounts).

Prepare the company’s necessary closing entries.

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Consulting fees earned Interest revenue Insurance expense Rent expense.. Depreciation expense: office equipment Salaries expense.. Dividends.. $320,000 4,000 18,000 60,000 36,000 220,000 9,000