Prepare closing entries using the information below

Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Sheffield Corp. is provided below.

Debit Credit

Accounts Receivable $60,980

Dividends 22,090

Depreciation Expense 11,090

Equipment 178,750

Salaries and Wages Expense 76,520

Accounts Payable $44,520

Accumulated DepreciationEquipment 96,430

Unearned Rent Revenue 19,240

Service Revenue 154,390

Rent Revenue 5,210

Rent Expense 3,020

Retained Earnings 51,910

Supplies Expense 1,180