Little Lads and Ladies Ltd. sells childrens clothing. At the end of December 2020, it had the following adjusted account balances, which are listed in random order:

Prepare the closing entries.

Cash $ 3,600 Wages Payable 500 Supplies Expense 4,200 Equipment 23,000 Wages Expense 26,300 Prepaid Rent 400 Cost of Goods Sold 33,000 Sales Revenue 65,850 Accounts Receivable 9,400 Rent Expense 4,800 Bank Loan Payable 4,400 Advertising Expense 750 Accounts Payable 6,300 Utilities Expense 600 Dividends Declared 1,200 Depreciation Expense 500 Common Shares 20,000 Telephone Expense 200 Interest Expense 300 Accumulated Depreciation, Equipment 1,800 Retained Earnings 17,600 Inventory 7,000 Repairs and Maintenance Expenses 400 Supplies 1,100 Interest Payable 300 Prepare the closing entries. Account Titles and Explanation Debit Credit (To close accounts with a credit balance) (To close accounts with a debit balance) IN (To close income summary account) (To close dividends declared)