Question Thirteen (6%) 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. Date Account Title and Explanation Debit Credit