Kraemers Carriage Rides adjusted trial balance on December 31^st 2014 appears in the worksheet as follows;

No. Account DR CR

101 Cash 40,000

124 Supplies. 20,000

128 Prepaid Insurance.. 10,000

167 Equipment 100,000

168 Accumulated Amortization, Equipment 20,000

201 Accounts Payable.. 30,000

220 Unearned Fees .. 10,000

301 Cosmo Kraemer, Capital 83,000

302 Cosmo Kraemer, withdrawals 10,000

401 Fees Earned ... 90,000

511 Amortization Expense, Equipment 10,000

518 Wages Expense. 20,000

522 Insurance Expense .. 5,000

538 Rent Expense 9,000

540 Supplies Expense 5,000

560 Utilities Expense .. 4,000

Totals 233,000 233,000

Required

1. Prepare the required closing entries.