Prepare the closing journal entries using the Adjusted Trial Balance.

ABC Co.

Adjusted Trial Balance

December 31, 2022

Account Debit Credit

Cash $40,000

Accounts Receivable 50,000

Prepaid Rent 12,000

Equipment 150,000

Accumulated Depreciation $ 60,000

Accounts Payable 15,000

Notes Payable 50,000

Common Stock 20,000

Retained Earnings 16,000

Sales Revenues 200,000

Rent Expense 6,000

Depreciation Expense 10,000

Salaries Expense 80,000

Insurance Expense 6,000

Supplies Expense 2,000

Utilities Expense __ 5,000 _______

$361,000 $361,000