P4.11B Accounts from the adjusted trial balance at December 31, 2018, are listed in alphabetical order below for Grant Advertising Agency Limited:

Accounts payable	$4,800	Income tax payable	$4,000
Accounts receivable	19,750	Insurance expense	1,600
Accumulated depreciationequipment	39,600	Interest expense	700
Bank loan payable	10,000	Interest payable	700
Cash	11,000	Prepaid insurance	800
Common shares	20,000	Rent expense	7,200
Depreciation expense	13,200	Retained earnings	10,400
Dividends declared	2,000	Salaries expense	13,625
Equipment	66,000	Salaries payable	1,625
Fees earned	60,600	Supplies	1,265
Held for trading investments	10,850	Supplies expense	5,935
Income tax expense	4,000	Unearned revenue	6,200

(b) Prepare the closing journal entries.