Requirement 1. Prepare closing journal entries for Cynthia Company. (Record debits first Accounts Debit E Credit Cash Accounts receivable Inventories 41,000 26,000 71,000 128.000 Fixed assets, net Accounts payable Paid in capital Retained earnings, Jan 1, 20X2 Revenue Cost of sales 33 000 104,000 99,000 342.000 176,000 136.000 Operating expenses 578 000 578,000 Totals