The adjusted trial balance of Richardson Electric at May 31, 2020 is as follows: (15 Marks)

Richardson Electric Trial Balance May 31, 2020

Debit Credit Cash $6,000 Prepaid insurance 2,000 Equipment 18,000 Accumulated depreciation, equipment $20,000 Salaries payable 1,000 Mitch Richardson, capital 12,700 Mitch Richardson, withdrawals 6,000 Repair fees earned 11,800

Unearned repair fees 1,200 Insurance expense 3,500 Depreciation expense 11,200 Total $46,700 $46,700

Prepare the necessary closing entries at May 31.