closing entry

$8,000 40,200 14,800 $1,600 43,500 4,100 115,000 Cash Accounts Receivable Notes Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated Depreciation--Equip. Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense Rent Expense Totals 15,000 12,000 48,000 57,240 277,600 123,700 48,450 13,690 $411,440 $411,440 At year end, the following items have not yet been recorded. a. Insurance expired during the year, $1,870. b. Estimated bad debts, 2% of gross sales. Depreciation on equipment, 10% per year on original cost. d. Interest at 6% is receivable on the note for one full year. e. Rent paid in advance at December 31, $5,430 (originally charged to expens Arcrued salaries and wanes at December 31 45 530 Account Titles and Explanation 277600 Sales Revenue Interest Revenue Income Summary (To close revenue accounts) Income Summary 123700 Cost of Goods Sold 48450 Salaries and Wages Expense 13690 Rent Expense Insurance Expense Bad Debt Expense Depreciation Expense (To close expense accounts) Retained Earnings Income Summary (To close net income / (loss))