On January 1, Year 1, the general ledger of a company includes the following account balances:

Accounts	Debit				Credit
Cash	$	24,400
Accounts Receivable		5,800
Supplies		3,700
Land		56,000
Accounts Payable					$	3,800
Common Stock						71,000
Retained Earnings						15,100
Totals	$	89,900			$	89,900

During Year 1, the following transactions occur:

January		2		Purchase rental space for one year in advance, $7,800 ($650/month).
January		9		Purchase additional supplies on account, $4,100.
January		13		Provide services to customers on account, $26,100.
January		17		Receive cash in advance from customers for services to be provided in the future, $4,300.
January		20		Pay cash for salaries, $12,100.
January		22		Receive cash on accounts receivable, $24,700.
January		29		Pay cash on accounts payable, $4,600.

6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

• Record the entry to close the revenue accounts.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
January 31

• Record the entry to close the expense accounts.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
January 31