s. Prepare the necessary closing entries based on the following selected accounts. Accumulated Depreciation Utilities Expense Blue, Capital Blue, Drawing Salaries Expense Service Revenue $10,000 15,000 20,000 10,000 13,000 40,000 Account Names CREDIT DEBIT 2. 3. 4. 56. Morales Company sells S320,000 of its receivables to Instant Factors, Ine. Instant Factors assesses a finance charge of 3% of the amount of receivables sold. Instructions: Prepare a journal entry to record the sale of the receivables on Morales Company's books. Debit Credit Account Name 57. Based on the following account balances, compute the requested amounts below. Accounts Receivable Accumulated Depreciation-Equipment Cash S16,000 27,000 24,000 93,000 7,000 15,000 Equipment Prepaid Rent Supplies Part A: Compute the current assets amount Part B: Compute the property, plant, & equipment amount