It is the end of the year, and you will need to record the following to prepare financials and prepare for the new year.

In addition to the transactions and items you have recorded and posted, during the year the following activity occurred:

1. Rent expense incurred and paid 21,600

2. Sales on account 26,250

3. Cash sales 52,620

4. COGS incurred 43,500

5. Utilities expense incurred and paid 3,750

6. Salaries expense incurred (all paid as of 12/31). 7,750

7. Consulting Revenue earned & received in cash 25,000

8. Inventory purchases 42,000

9. Interest Revenue earned 250

10. Bank Fees incurred 100

11. Depreciation of furniture ( in additional to tab 6). 550

12. Depreciation of Equipment (in additional to tab 6). 660

13. Payments on accounts payable 74,000

14. Earned Consulting Revenue that was received in advance 900

15. Supplies purchased 136

16. Supplies Bal. at 12/31/17 15

17. Inventory on hand at 12/31/17 300

18. Salaries Payable Bal. 12/31/17 -

19. Allowance for Uncollectible Accounts Bal. at 12/31/17 312

20. After cash collection, Accounts Receivable Balance at 12/31/17 1,100

2. Journalize the closing entries