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The following accounts relate to ACC 1162 Corporation: Cash $ 50,000 Equipment 75,000 Accumulated Depreciation 10,000 Current Liabilities 8,000 Depreciation Expense 5,000 Owners Capital 20,000

The following accounts relate to ACC 1162 Corporation:

Cash $ 50,000

Equipment 75,000

Accumulated Depreciation 10,000

Current Liabilities 8,000

Depreciation Expense 5,000

Owners Capital 20,000

Owners Drawings 12,000

Salaries and Wages Expense 34,000

Service Revenue 38,000

REQUIRED:

Prepare the necessary closing entries based on the aforementioned information.

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