It is the end of Kellco's fiscal year. You have been given the following adjusted ledger balances. The ledger account balances are the normal balances for each account. Cash $125,000 Accounts Rec. 300,000 Inventory 75,000 Pre-paid expense 38,000 Land 100,000 Equipment 350,000 Accum. Depreciation 80,000 S.T. Notes Payable 150,000 Accounts Payable 125,000 Kelly Capital 175,000 Kelly Drawing 80,000 Income Summary 0 Sales 958,000 Wage Expense 250,000 Fuel Expense 35,000 Insurance Expense 35,000 Utilities Expense 85,000 Depreciation Expense 15,000 Required: Make all the required closing entries. You do not have to prepare a Trial Balance to complete the problem just the closing journal entries. Use the journal paper on the next page to make your journal entries