* Prepare closing journal entries

Cash Accounts Receivable Art Supplies Prepaid Insurance Printing Equipment Accumulated Depreciation Accounts Pavable Interest Pavable Notes Payable Unearned Advertising Revenue Salaries Payable Common Stock Retained Earnings Dividends Advertising Revenue Salaries Expense Ins $11,000 21,500 6,000 2,500 60,000 $35,000 5,000 150 5,000 L 5,600 1,300 S 20,000 E 5,500 12,000 61,500 urance Expense Depreciation Expense Art Supplies Expense Rent Expense 11,300 850 7,000 2,400 4.350 $139,050 $139,050