The adjusted trial balance for Phoenix Consultant Corporation at the end of its fiscal year is shown below. Prepare the required closing entries.

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Phoenix Consultant Corporation Trial Balance December 31, 20xx Cash $ 7,275 Accounts Receivable 2,325 Prepaid Insurance 585 Office Supplies 440 Office Equipment 6,300 Accumulated Depreciation-Office Equipment $ 765 Automobile 6,750 Accumulated Depreciation-Automobile 750 Accounts Payable 1,700 Unearned Consulting Fees 1,500 Income Taxes Payable 3,000 Common Stock 10,000 Retained Earnings 4,535 Dividends 7,000 Consulting Fees Earned 31,700 Office Salaries Expense 13,500 Advertising Expense 2,525 Rent Expense 2,650 Telephone Expense 1,600 Income Taxes Expense 3,000 $53,950 $53,950