The following account balances are shown in the ledger on December 31: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Depreciation Expense Equipment Teresa Davis, Draving $13,800 6,100 8,600 85,000 8,600 73,000 54,500 Toes Income Supplies Prepaid Rent Rent Expense Supplies Expense Teresa Davis, Capital Utilities Expense $183,000 4,500 62,500 9,300 8,500 122,300 15,700 All accounts have normal balances. Prepare proper closing entries for the company on December 31. Journal entry worksheet Record entry to transfer expenses to income summary. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Journal entry worksheet 2 > Record entry to transfer net income or net loss from income summary to capital. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Journal entry worksheet