Presented below are the year-end balances at October 31 of Max Missle Paintball Co. All accounts have normal balances.

Accounts receivable $10,000

Accounts payable 23,000

Accumulated depreciation equipment 32,000

Advertising expense 3,000

Cash 40,000

Depreciation expense, equipment 12,000

Insurance expense 4,000

Interest revenue 500

Laundry equipment 125,500

Notes payable 55,000

Max Missle, capital 27,000

Max Missle, withdrawals 8,000

Prepaid Insurance 6,500

Salaries payable 4,000

Salary expense 5,000

Service revenue 100,000

Supplies 1,500

Supplies expense 7,500

Repair expense 9,500

Unearned laundry service revenue 1,000

Utilities expense 10,000

Prepare the necessary closing entries at October 31.