How to do closing entries?

Multi Step Income Statement

Debits Credits

Sales 514,750

COMS (279,687)

Gross Profit $235,063

Operating Expenses:

Selling Expenses

Salaries Exp. (40%) 14,900

Advertising Expense 5,700

Depreciation Expense (40%) 4,726

Total Selling Expense $25,326

Administrative Expense:

Salaries Expense (60%) 22,350

Utilities Expense 12,750

Repairs and Maintenance Exp. 7,750

Depreciation Exp. (60%) 7,089

Amortization Expense 3,000

Bad Debt Expense 2,720

Insurance Expense 1,600

Depletion Expense 1,200

Total Administrative Expense $58,459

Total Operating Expense 83,785

Income from operations $151,278

Other revenue and expenses

Rent revenue 3,350

Interest revenue (21,400) (18,050)

Net income $133,228

Statement of Owners Equity

Kim Kollins, Capital Jan 1 2021 $140,506

Investments $5,400

Net income 133,228

Withdrawals (4,000)

Increase OE 134,628

Kim Kollins capital Dec 31 2021 $275,134

Balance Sheet

Assets:

Current Assets:

Cash $31,725

Accounts Receivable 34,600

Allowance for Doubtful Accounts (3,000) 31,600

Merchandise Inventory (ending) 84,753

Prepaid Insurance 13,600

Total Current Assets $161,678

Property Plant and Equipment

Land $150,000

Office Equipment 46,000

Accumulated Depreciation - Office equipment (16,865) 29,135

Buildings 325,000

Accumulated Depreciation - buildings (48,125) 276,875

Timber 15,000

Accumulated Depreciation- Timber (2,700) 12,300

Total PPE $468,310

Intangible Assets

Patents $12,500

Total Assets $642,488

Liabilities

Current Liabilities:

Notes Payable (current) $40,000

Accounts Payable 27,654

Salaries Payable 6,000

Customer Refunds Payable 5,750

Interest Payable 1,550

Unearned Rent 1,800

Total Current Liabilities: $827,754

Long Term Liabilities

Notes Payable (after 1 yr) 290,000

Total Liabilities $372,754

Owners Equity

Kim Kollins, capital 275,134

Less- investments (5,400) 269,734

Total Liabilites & OE $642,488

closing entries?