QUESTION 3

Janes adjusted trial balance on December 31, 2020, appears in the work sheet as follows:

Account		Debit		Credit
Cash	$	28,000
Office supplies		1,800
Prepaid insurance		4,200
Equipment		18,000
Accumulated depreciation, equipment			$	7,500
Accounts payable				19,000
Salaries payable				8,800
Jane, capital				140,000
Jane, withdrawals		16,000
Rental revenue				127,600
Depreciation expense, equipment		8,500
Salaries expense		104,500
Insurance expense		1,900
Rent expense		52,300
Office supplies expense		4,800
Utilities expense		2,900
Totals	$	3 1 2 , 9 0 0	$	3 1 2 , 9 0 0

Required:

1. Prepare closing entries.