Account Titles al Balance Adjusted Tri Adjusted Tri al Balance Income statement Balancesheet Debit Credit Debit Credit Debit Credit Cash Accounts recievables Office supplies $24,500 $24,500 $9,900 $9,900 $875 $875 Prepaid rent $10,100 $10,100 Equipment $26,000 $26,000 Accumulated depreciation $1,700 $1,700 Accounts payable $3,600 $3,600 Utilities payable $320 $320 Salaries payable $1,475 $1,475 Unearned revenues $6,600 $6,600 Common stock $40,000 $40,000 Retained earnings $47,180 $47,180 Dividends $17,000 $17,000 Service revenue $30,600 $30,600 Rent expense $20,900 $20,900 Salaries expense $8,475 $8,475 Supplies expense $25 $25 Utilities expense $12,000 $12,000 Depreciation expense $1,700 $1,700 Total $131,475 $131,475 $43,100 $30,600 $88,375 $100,875 Net income/(loss) 12,500 12,500 Total 43,100 43,100 100,875 100,875 Requirement 2. Prepare the closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Accounts and Explanation Dec. 31 Clos. (1) Service Revenue Debit Credit 30,600