[The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2018, appears below. Credits Debits 38,500 50,000 1,450 70,000 23,100 1,900 78,000 29, 250 29,000 53, 100 Account Title Cash Accounts receivable Supplies Inventory Note receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation-office equipment Accounts payable Salaries and wages payable Note payable Interest payable Deferred revenue Common stock Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries and wages expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 0 60,000 19,500 198,000 0 89, 100 17,700 10,450 0 0 950 4,800 2,900 388,850 388,850 Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $9,750. 2. Employee salaries and wages are paid twice a month, on the 22nd for salaries and wages earned from the 1st through the 15th, and on the 7th of the following month for salaries and wages earned from the 16th through the end of the month. Salaries and wages earned from December 16 through December 31, 2018, were $1,250. 3. On October 1, 2018, Pastina borrowed $53,100 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2018, the company lent a supplier $23,100 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2019. 5. On April 1, 2018, the company paid an insurance company $4,800 for a two-year fire insurance policy. The entire $4,800 was debited to insurance expense. 6. $770 of supplies remained on hand at December 31, 2018. 7. A customer paid Pastina $1,500 in December for 1,250 pounds of spaghetti to be delivered in January 2019. Pastina credited sales revenue. 8. On December 1, 2018, $1,900 rent was paid to the owner of the building. The payment represented rent for December 2018 and January 2019, at $950 per month. 5. Prepare closing entries. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 December 31, 2018 No journal entry required particular trans Prepare closing entry journal entry required" in the first account field.) View transaction list X 1 Record the entry to close the revenue accounts using the income summary. 2 Record the entry to close the expense accounts using the income summary. 3 Record the entry to close the income summary account. Note : = journal entry has been entered View transaction list Journal entry worksheet Record the entry to close the expense accounts using the income summary. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2018 Required information Journal entry worksheet