The owner of Dynamo Stores has come to you for assistance because his bookkeeper has just moved to another city. The following is the only information his bookkeeper left him.

The owner of Dynamo Stores has come to you for assistance because his bookkeeper has just moved to another city. The following is the only information his bookkeeper left him. 1. Balance sheets as of December 31, 2017 and 2018. 2. The owner withdrew $116,250 in 2018 for his personal use. 3. The business incurred total expenses of $174,900 for 2018, of which $113,500 was for wages and $61,400 was for advertising.

	2018	2017
Assets	$ 174,900	$ 256,500
Liabilities	$ 61,400	$ 94,500
Capital	113,500	162,000
	$ 174,900	$ 256,500

Required: 1. Calculate the profit and total revenue for 2018.

2. Prepare closing entries for 2018.

• 1 Record the closing of Revenue.

• 2 Record the closing of Expenses.

• 3 Record the closing of Capital.

• 4 Record the closing of withdrawals.