MY Autobody$$s adjusted trial balance on December $31,2023,$ appears in the work sheet as follows:

No$.$ Account Debit Credit

$101$ Cash $ $27,400$

$124$ Shop supplies $1,500$

$128$ Prepaid insurance $3,600$

$167$ Equipment $85,000$

$168$ Accumulated depreciation, equipment $ $6,900$

$201$ Accounts payable $18,400$

$210$ Wages payable $8,260$

$301$ Mike Yang, capital $134,000$

$302$ Mike Yang, withdrawals $33,000$

$401$ Repair revenue $152,230$

$612$ Depreciation expense, equipment $7,900$

$623$ Wages expense $103,900$

$637$ Insurance expense $1,600$

$640$ Rent expense $49,350$

$650$ Office supplies expense $4,200$

$690$ Utilities expense $2,340$

Totals $ $319,790$ $ $319,790$

Required

$1.$ Prepare closing entries.