Prepare the following:

1) closing entries

2) closing trial balance

please let me know if any additional info is needed, thank you

2 3 Adjusted Trial Balance Summary As of January 31, 2021 Credit Debit 195,260.00 206,000.00 56,500.00 3,520.00 26,000.00 16,000.00 16,000.00 5 5 Description 7 Cash 3 Accounts Receivable 2 Inventory 0 Prepaid Insurance 1 Furniture & Fixtures 2 Computer Equipment 3 Van 4 Accum. Dep. - F&F 5 Accum. Dep. - Comp. Eqp 6 Accum. Dep. - Van 7 Accounts Payable 8 Salaries Payable 9 Interest Payable 0 Deferred Revenue 1 Notes Payable 2 Common Stock 3 Retained Earnings 4 Service Revenue 5 Sales Revenue 6 COGS 7 Depreciation Expense 8 Interest Expense 9 Salary and Wage Expense 0 Insurance Expense 1 Maintenance Expense 2 Total 1,700.00 6,350.00 250.00 105,400.00 5,900.00 400.00 2,000.00 60,000.00 165,000.00 132,200.00 3,000.00 210,000.00 125,000.00 1,100.00 400.00 44,100.00 320.00 2,000.00 692,200.00 692,200.00 Shipping Inc. Income Statement For the Month Ended January 31, 2021 Revenues: Service revenue 3,000 Sales revenue 210,000 Total Revenues 213,000 Less: Expenses COGS Depreciation Expense - Interest expense - Salary and wages expense - Insurance expense - Maintenance expense . Total Expenses 125,000 1,100 400 44,100 320 2,000 172,920 - Net Income: 40,080 Shipping Inc Closing Entries Post-Closing Trial Balance Summary As of January 31, 2021 Debit Credit 2 3 4 5 6 Description 7 Cash 8 Accounts Receivable 9 Inventory 10 Prepaid Insurance 11 Furniture & Fixtures 12 Computer Equipment 13 Van 14 Accum. Dep. - F&F 15 Accum. Dep. - Comp. Eqp 16 Accum. Dep. - Van 17 Accounts Payable 18 Salaries Payable 19 Interest Payable 20 Deferred Revenue 21 Notes Payable 22 Common Stock 23 Retained Earnings 24 Total