Holding Artisans Inc. (HAI) operates a craft market which sells paintings, handmade dolls and jewelry. The following is a list of accounts from HAIs general ledger as at December 31, 2020:

Account	Balance		Account	Balance
Cash	$3,000		Common shares	$3,000
Accounts receivable	2,800		Retained earnings	36,250
Inventory	15,900		Dividends	2,000
Building	30,000		Revenue	39,400
Furniture and equipment	10,000		Cost of goods sold	20,500
Accumulated depreciation	8,000		Depreciation expense	1,100
Accounts payable	6,450		Supplies expense	550
Unearned revenue	3,500		Utilities expense	2,600
Salaries payable	1,700		Salaries expense	9,850

Karl Holding, HAIs owner, has hired you to prepare the closing entries (in good form). Karl has advised that all accounts have normal balances. Please ensure you provide detailed supporting calculations.