On a sheet of paper, copy the following T-accounts and their end-of-period balances. Below the accounts, prepare entries to close the accounts. Post to the T-accounts.

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Dec. 31 Mac Boss, Capital Dec. 31 15,000 Dec. 31 Mac Boss, Withdrawals 18,500 Income Summary Rent Expense 2,800 Salaries Expense Dec. 31 12,250 Insurance Expense Dec. 31 960 Commissions Earned Depreciation Expense, Equipment Dec. 31 39,100 Dec. 31 600