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On December 31, 2019, Clean and White Linen Supplies Ltd. had the following account balances: Cash $90,000 96,000 60,000 Accounts Receivable Inventory Supplies Long-Term Investment Equipment Accumulated Depreciation Equipment $90.000 Accounts Payable 60,000 Wages Payable 8,000 Bank Loan Payable 150,000 Common Shares 250.000 Retained Earnings 100.000 2.000 80,000 330,000 In 2020, the following transactions occurred: 1 2 3 4. On January 1, paid 5 5.100 for a three-year fire insorance policy Purchased additionat uniform inventory on credit for $ 128,200, Sold uniforms for $189.100 on account. The inventory that was told had been purchased for $100.000 Performed cleaning services for customers for $ 528,000. One-quarter of this amount was paid in cash and the remainder was on account Paid $143.900 to suppliers to settle some of the accounts payable Received $246,000 from customers to settle amounts owed to the company 5 6. 7. 8. 9. 10. 11. Paid $ 15,000 for advertising At the end of 2020, paid the interest on the bank loan for the year at the rate of 7%, as well as $ 34,200 on the principal. The remaining principal balance is due in three years. Received a $3,000 dividend from the long-term investment. Paid $ 17,300 for utilities for the year. Declared and paid dividends of $ 13,100 at the end of the year. Paid $ 102,000 for wages during the year. At year end, the company owed another $2,000 to the employees for the last week of work in December Depreciated the equipment for the year. The company had bought its equipment at the beginning of 2017, and it was expected to last 10 years and have a residual value of $30,000. The company depreciates its equipment using the straight- line method Made an adjustment for the cost of the insurance that expired in 2020. 12. 13. 14. Prepare the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To close accounts with a credit balance) (To close accounts with a debit balance.) (To close Income summary account) (To close dividend account)