The following information relates to TipTopTea for the year ended 30 June 2020.

Accounts payable	82,500
Accounts receivable	7,500
Accumulated depreciation- Equipment	11,800
Bank Loan (due in 2025)	38,000
Capital	105,400
Cash at bank	186,400
Depreciation expense-Equipment	8,600
Drawings	4,000
Electricity expense	7,500
Equipment	180,000
Prepaid rent	16,500
Rent expense	32,000
Service revenue	282,600
Supplies	3,900
Unearned revenue	19,200
Wages expense	135,400
Wages payable	42,500

Prepare the closing entries for TipTopTea as at 30 June 2020. Narrations are required. (5 marks)