Please prepare the closing entries needed. Can you please explain the steps please? I will make sure to thumbs up the answer! thank you

Fiorella's Ferrari Repairs Adjusted Trial Balance 12/31/11 Accounts Receivable Retained earnings Accumulated Depreciation-Equipment Inventory Service revenues Cash Depreciation expense-equipment Prepaid Expenses Equipment Maintenance Expense Unearned revenues Accounts Payable Common Stock 115,000 142,280 11,000 680,000 698,220 39,100 4,400 9,500 125,000 12,500 11,500 22,500 100,000 985,500 985,500