1. Presented below is the final account balances for ABC Company, at December 31, 2020.

Cash $26,700 Accounts Payable $ 10,000

Accounts Receivable 23,000 E. Lmo, Capital 44,000

Prepaid Insurance 16,500 Unearned Revenue 13,500

E. Lmo, Drawings 3,500 Fees Earned 35,000

Salary Expense 8,200 Rent Expense 9,000

Insurance Expense 5,600 Auto Expense 1,200

Instructions

Prepare the closing entries for December 31, 2020, you do not need to include explanations.