From the following statements of Carr Company for the year ending December 31, 2003, prepare the closing entries assuming that a $75 withdrawal was made during the period.

Carr Company

Income Statement

For The Year Ending December 31, 2003

Service Revenue                               2,000

Expenses

   Wage Expense     1,000

   Rent Expense          500

   Supplies Expense   200

    Insurance Expense  100        1,800

Net Income                                     200