closing entries

what requirement

Presented below are the balances from Zoe Developments Ltd's general ledger as at January 31, 2020 DR Cash 60,000 Accounts receivable 132,000 121,000 3,000 355,000 160,000 31,000 Inventory Prepaid expenses Equipment Accumulated depreciation equipment Accounts payable Unearned revenue Wages payable Common shares Retained earnings Dividends declared 5,000 13,000 103,000 89,000 16,000 Sales revenue 885,500 Interest revenue 16,500 Cost of goods sold 540,000 Depreciation expense 8,000 Wages expense 44,000 Utilities expense 12,000 Insurance expense 12,000 Presented below are the balances from Zoe Developments Ltd's general ledger as at January 31, 2020 DR Cash 60,000 Accounts receivable 132,000 121,000 3,000 355,000 160,000 31,000 Inventory Prepaid expenses Equipment Accumulated depreciation equipment Accounts payable Unearned revenue Wages payable Common shares Retained earnings Dividends declared 5,000 13,000 103,000 89,000 16,000 Sales revenue 885,500 Interest revenue 16,500 Cost of goods sold 540,000 Depreciation expense 8,000 Wages expense 44,000 Utilities expense 12,000 Insurance expense 12,000 the amount is entered. Do not indent manuallyIf no entry is required, select "Mo Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Jan. 31 (To dose accounts with a credit balance) Jan. 31 (To close accounts with a debit balance) Jan. 31 To close income summary account) Jan. 31 DR CR Cash 60,000 132,000 121,000 3,000 355,000 160,000 31,000 5,000 13,000 Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation, equipment Accounts payable Unearned revenue Wages payable Common shares Retained earnings Dividends declared Sales revenue Interest revenue Cost of goods sold Depreciation expense Wages expense 103,000 89.000 16,000 885,500 16,500 540,000 8,000 44.000 Utilities expense 12000 Insurance expense 12.000 (a) Prepare the necessary closing entries for Zoe Developments at January 31 Creditreyindested when the amount ante. Do not inden for select "No Entry for the account and enter for the Date Account Titles and Explanation Debit Credit Jan. 31 (To dose accounts with a credit balance) Jan. 31 (Todose accounts with a debit balance