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

No$.$ Account Debit Credit

$101$ Cash $ $27,500$

$124$ Shop supplies $1,550$

$128$ Prepaid insurance $3,700$

$167$ Equipment $85,500$

$168$ Accumulated depreciation, equipment $ $7,000$

$201$ Accounts payable $18,500$

$210$ Wages payable $8,360$

$301$ Mike Yang, capital $135,000$

$302$ Mike Yang, withdrawals $33,500$

$401$ Repair revenue $153,130$

$612$ Depreciation expense, equipment $8,000$

$623$ Wages expense $104,000$

$637$ Insurance expense $1,650$

$640$ Rent expense $49,850$

$650$ Office supplies expense $4,300$

$690$ Utilities expense $2,440$

Totals $ $321,990$ $ $321,990$

Required

$1.$ Prepare closing entries.