prepare the closing entries

eBook Spreadsheet Calculator 3. Prepare the closing entries. If an amount box does not require an entry, leave it Dec. 31 Rent Revenue Income Summary (Close revenue accounts) Dec. 31 Advertising Expense Wages Expense Utilities Expense Supplies Expense Depreciation Expense Insurance Expense Interest Expense Income Taxes Expense BUDUAA (010000000 ! (Close expense accounts) Dec. 31 Income Summary Retained Earnings (Close Income Summary) Check My Work 8 more Check My Work uses remaining All work saved MacBook Air Problem 3-71A Preparing a Worksheet Marsteller Properties Inc. owns apartments that it rents to university students. At December 31, 2019, the following unadjusted account balances were available: Cash $4,600 Notes Payable (due in 2021) $2,000,000 Rent Receivable 32,500 Common Stock 1,500,000 Supplies 4,700 Retained Earnings, 12/31/2018 39,200 Prepaid Insurance 60,000 Rent Revenue 660,000 Land 274,000 Repairs & Maintenance Expense 73,200 Buildings 4,560,000 Advertising Expense 58,700 Accumulated Depreciation (Buildings) 1,015,000 Wages Expense 84,300 Other Assets 26,100 Utilities Expense 3,400 Accounts Payable 57,300 Interest Expense 90,000 The following information is available for adjusting entries: a. An analysis of apartment rental contracts indicates that $3,800 of apartment rent is unbilled and unrecorded at year end. b. A physical count of supplies reveals that $1,400 of supplies are on hand at December 31, 2019. c. Annual depreciation on the buildings is $204,250. d. An examination of insurance policies indicates that $12,000 of the prepaid insurance applies to coverage for 2019 e. Six months' interest at 9% is unrecorded and unpaid on the notes payable. 1. Wages in the amount of $6,100 are unpaid and unrecorded at December 31 g. Utilities costs of $300 are unrecorded and unpaid at December 31. h. Income taxes of $5,738 are unrecorded and unpaid at December 31