As of December 31, Tim Burr Logging shows the following account balances (after adjustments):

• Cash: $10,973
• Accounts Receivable: $70,194
• Prepaid Rent: $3,256
• Inventory: $17,929
• Equipment, net of Accumulated Depreciation: $14,801
• Furniture, net of Accumulated Depreciation: $94,033
• Accounts Payable: $33,737
• Unearned Revenue: $12,063
• Notes Payable: $59,400
• Common Stock: $6,000
• Retained Earnings: $96,306
• Dividends: $4,073
• Sales Revenue: $178,823
• Interest Income: $39
• Advertising Expense: $8,993
• Depreciation Expense: $33,655
• Office Expense: $12,565
• Rent Expense: $7,670
• Salaries Expense: $102,969
• Utilities Expense: $5,257

QUESTIONS:

1. Prepare the closing entries for Tim Burr Logging as of December 31. The only thing you may omit are journal entry explanations. You may assume all accounts have a normal debit or credit balance. (HINT: there are four entries you must make.) (Each correct closing entry is worth 1.5 points.)
2. What is Tim Burr Logging's total assets as of December 31? (0.5 points)
3. What is the balance in Retained Earnings as of December 31? (1.5 points)

SPECIFIC INSTRUCTION: For each journal entry, type your response in the following format:

DR (account name) $(amount) CR (account name) $(amount)

Do not attempt to indent your credits because it will not format correctly, and we will not be able to properly grade your answer.

For example, if you are making an entry to debit Cash for $100 and credit Accounts Payable for $100, you would enter the following:

DR Cash $100 CR Accounts Payable $100