Making closing entries Starter 4-9Lipsky InsuracAgency reported the following items at May 31: Sales and Marketing Cash $1,000 Expense Other Assets500 Accounts Payable300 Amortization Expense... C. Lipsky, Withdrawals...200 Accounts Receivable.... 1,200 Long-Term Liabilities.. 400 C. Lipsky, Capital x 2,700 Insurance Expense.... 100 $1,600 Service Revenue..4,200 700 Rent Expense 400 Make Lipsky Insurance Agency's closing entries, as needed, for these accounts. Include explanations