Journalize the closing entries:

Accounts Payable $ 25,200 Accounts Receivable 30,500 45,000 Accumulated Depr.-Equip. Cash Cost of Goods Sold Eauign coods Sold$28,000 518,000 Equjpment 146,000 Depreciation Expense 11,000 7,000 6,400 2,000 32,000 37,000 101,700 10,000 3,500 2,500 Insuranee Expense Interest^^pense Interest Rvenue Inventony Notes Payable Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense 2,500 15,000 ;96,000 Sales Revenue ,720,000 Sales Commissions Expense Sales Commissions Payable 11,000 4,500