PREPARATION OF CLOSING ENTRIES. Round Grove Alarm Company provides security services to homes in northwestern Indiana. At year-end 19x2, after adjusting entries have been made, the following list of account balances is prepared: lol

REQUIRED:
Prepare closing entries for Round Grove Alarm Company.

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Accounts receivable Accounts payable Accumulated depreciation, equipment Capital stock Depreciation expense, equipment Dividends Equipment $ 37,000 23,000 124,000 150,000 42,000 6,000 409,500 Income taxes expense 24,300 Income taxes payable 24,300 Interest expense 4,800 Notes payable (due in 19x5) 34,000 Other assets 7,700 Prepaid rent 5,000 Rent expense 30,000 Retained earnings, 12/31/x1 29,400 Salaries payable 12,600 Salaries expense 144,000 Service revenue. 605,500 Supplies expense 51,900 Supplies inventory 12,700 Utilities expense 48,800 Wages expense 186,500 Wages payable 7,400