Riley Insurance Agency reported the following items at October 31: (Click the icon to view the reported items.) Required 1. Make Riley Insurance Agency's closing entries, as needed, for these accounts. Include explanations. 2. T-accounts for Riley Insurance Agency's closing on October 31 have been opened for you with beginning balances. Post the closing entries to these accounts (beginning balances have been opened for you and show each account's ending balance after closing. Also, show the Income Summary T-account. X Reported Items Requirement 1. Journalize the closing entries. Begin by recording the closing entry for service revenue. (Record debits first, then credits. Select the co Insurance Expense $ 160 Cash $ 2,000 Journal Entry Marketing Expense 1,600 Service Revenue 5,200 Date Accounts Debit Credit Other Assets 600 Accounts Payable 460 October Amortization Expense 880 Rent Expense 540 Clo. (1) C. Riley, Withdrawals 220 Accounts Receivable 1,400 Long-Term Liabilities 580 C. Riley, Capital 4,500 Print Done