Required information The following information applies to the questions displayed below] Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries Items Kash b. Accounts receivable Trial Balance, December 31 of the Current Year liefore Adjusting Entries Adjustments Debit $13,500 600 170,180 $41,000 Credit Det Credit Debit $13,500 Adjusting Entries Credit 490 170,180 $46,000 1,390 107,000 18,260 73,800 107,000 74,290 55,780 55,788 c. Prepaid Insurance d. Equipment Accumilated depreciation, equipment f. Income taxes payable g. Comon stock and additional paid-in capital h. Retained earnings, January 1 1. Service revenue 5. Salary expense Depreciation expense 1. Insurance expense Income Lax expense $ 240,000 $240,0 5 246,940 $240,000 5. Record the closing entry at December 31 of the current year. (If no entry is required for a transaction event, select "No journal entry required in the first account field) View transaction t Record closing entry to transfer revenues and expenses to retained eamings. Note journal entry has been entered rnings. Credit Record entry Clear entry View general journal Journal entry worksheet 1 Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal