Given the following accounts and amounts for Elegant Event Planning for 2021, prepare all necessary Closing Journal Entries. Assume all amounts are normal balance.

• Accounts Payable $18,500
• Accounts Receivable $19,500
• Accumulated Depreciation $15,000
• Cash $32,000
• Contributed Capital $63,000
• Depreciation Expense $13,000
• Dividends Declared $1,500
• Equipment $90,000
• Interest Expense $43,000
• Rent Revenue $22,000
• Retained Earnings $17,000
• Sales Revenue $450,000
• Unearned Revenue $28,000
• Utilities Expense $115,000
• Wages Expense $227,000