Prepare the necessary closing entries. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $"0"$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

$($To close accounts with credit balances$)$

$($To close accounts with debit balances$)$

$($To close net income $/($loss$))$