Open the following \(\mathrm{T}\)-accounts on note paper for a corporation that does repair work for other companies. Below the T-accounts, prepare entries to close the accounts. Post to the T-accounts.

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Common Stock Rent Expense Dec. 31 60,000 Dec. 31 7,200 Retained Earnings Salaries Expense Dec. 31 8,400 Dec. 31 30,000 Income Summary Revenue from Repairs Insurance Expense Dec. 31 1,200 Depreciation Expense, Equipment 4,800 Dec. 31 60,000 Dec. 31 Dividends Declared Nov. 15 10,000