The adjusted trial balance of the Thomas Company follows: Cash Prepaid insurance Equipment Accumulated depreciation - Equipment Salaries payable Unearned repair fees Common stock Retained earnings Dividends Repair fees earned Salaries expense THOMAS COMPANY Adjusted Trial Balance December 31 Depreciation expense Insurance expense Income Summary Totals Prepare the closing entries for Thomas Company. Debit 8,000 2,400 18,000 4,000 10,000 1,800 1,500 45.700 Credit 3,600 2,000 1,200 4,000 7,400 27,500 45.700

3. The adjusted trial balance of the Thomas Company follows: Prepare the closing entries for Thomas Company