Account Debit Credit Revenues $500,000 -30,910 Depreciation expense $30,000 Rent expense $15,000 Salaries expense $150,000 Advertising expense $15,000 Insurance expense $12,000 Supplies expense $8,000 Problem 1. (22 points) Prepare the closing journal entries for the ABC company for December 31, 2022 using the balances in the following accounts. The owner did not make any withdrawals during the period. 500,000 (30,000) 470,000 (150,000) Rever Cash (15,000) -13,000 435,000 -130,000 (13,000) (2,000) 2-3,020 (8,000) 15,00 Der 290,00 30,0 22-8 -8,000 270,000 +50,co Owners Capital 320,000 Ren 15, $50,000 Supplies Expense 8,000 Sa IS G