Account Title Cash Accounts receivable Supplies Inventory Notes receivable Debits Credits 34,300 42,200 2,600 62,200 22,200 Interest receivable 0 Prepaid rent 2,100 Prepaid insurance 8,200 Office equipment 88,800 Accumulated depreciation 33,300 Accounts payable 33,200 Salaries payable 0 Notes payable 52,200 Interest payable 0 Deferred sales revenue 3,100 Common stock 75,400 Retained earnings 34,000 Dividends 6,200 Sales revenue 157,000 Interest revenue 0 Cost of goods sold 81,000 Salaries expense 20,000 Rent expense 12,100 Depreciation expense 0 Interest expense 0 Supplies expense Insurance expense Advertising expense 2,200 0 4,100 388,200 388,200 Totals Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11,100. 2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,300. 3. On October 1, 2021, Pastina borrowed $52,200 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2021, the company lent a supplier $22,200 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022. 5. On April 1, 2021, the company paid an insurance company $8,200 for a one-year fire insurance policy. The entire $8,200 was debited to prepaid insurance. 6. $800 of supplies remained on hand at December 31, 2021. 7. A customer paid Pastina $3,100 in December for 1,300 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. 8. On December 1, 2021, $2,100 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1,050 per month. The entire amount was debited to prepaid rent. 5. Prepare closing entries. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal >