Required information On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Accounts Debit Cash $ 25,800 Accounts Receivable 7,200 Supplies 5, 100 Land 70,000 Accounts Payable Common Stock Retained Earnings Totals $108,100 $ 5,200 85,000 17,900 $108, 100 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $12,000 ($1,000/month). January 9 Purchase additional supplies on account, $5,500. January 13 Provide services to customers on account, $27,500. January 17 Receive cash in advance from customers for services to be provided in the future, $5,700. January 20 Pay cash for salaries, $13,500. January 22 Receive cash on accounts receivable, $26, 100. January 29 Pay cash on accounts payable, $6,000. 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Debit Credit Date January 31 General Journal Service Revenue Retained Earnings Record entry Clear entry View general journal 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the expense accounts. Note: Enter debits before credits. Debit Credit Date January 31 General Journal Retained Earnings Salaries Expense Supplies Expense Rent Expense Record entry Clear entry View general journal