MY Autobodys adjusted trial balance on December 31, 2020, appears in the work sheet as follows:

No.	Account		Debit			Credit
101	Cash	$	29,000
124	Shop supplies		2,300
128	Prepaid insurance		5,200
167	Equipment		93,000
168	Accumulated depreciation, equipment				$	8,500
201	Accounts payable					20,000
210	Wages payable					9,860
301	Mike Yang, capital					150,000
302	Mike Yang, withdrawals		41,000
401	Repair revenue					166,630
612	Depreciation expense, equipment		9,500
623	Wages expense		105,500
637	Insurance expense		2,400
640	Rent expense		57,350
650	Office supplies expense		5,800
690	Utilities expense		3,940
	Totals	$	354,990		$	354,990

Required 1. Prepare closing entries.