Trial balance
Account Titles	Debit	Credit
Cash	$ 95,430
Accounts Receivable	$ 6,000
Prepaid Rent	$ 25,000
Prepaid Insurance	$ 2,700
Prepaid Supplies	$ 120
Equipment	$ 400,000
Accumulated Depreciation		$ 3,250
Accounts Payable		$ 970
Accrued Interest		$ 1,400
Accrued Salaries		$ 550
Unearned Rental Revenue		$ 1,950
Notes Payable		$ 350,000
Capital Stock-Mike		$ 80,000
Capital Stock-Julie		$ 80,000
Dividend	$ 4,000
Retained Earnings		$ -
Rental Revenue		$ 46,100
Salaries Expense	$ 19,950
Rent Expense	$ 5,000
Repair Expense	$ 520
Utilities Expense	$ 560
Interest Expense	$ 1,400
Depreciation Expense	$ 3,250
Supplies Expense	$ 290
Insurance Expense	$ -
Total	$ 564,220	$ 564,220

Income Statement
Revenues
Rental Revenue	$ 46,100
Total Revenues		$ 46,100
Expenses :
Salaries Expense	$ 19,950
Rent Expense	$ 5,000
Repair Expense	$ 520
Utilities Expense	$ 560
Interest Expense	$ 1,400
Depreciation Expense	$ 3,250
Supplies Expense	$ 290
Insurance Expense	$ -
Total Expenses		$ 30,970
Net Income		$ 15,130

Statement of Retained Earnings
	Retained Earnings
Beginning Balance	$ -
Add : Net Income	$ 15,130
Less : Dividend	$ 4,000
Ending Balance	$ 11,130

Balance Sheet
Assets
Current Assets
Cash	$ 95,430
Accounts Receivable	$ 6,000
Prepaid Rent	$ 25,000
Prepaid Insurance	$ 2,700
Prepaid Supplies	$ 120
Total Current Assets		$ 129,250
Long Term assets
Property, Plant and Equipment
Equipment	$ 400,000
Less Accumulated Depreciation	$ -3,250	$ 396,750
Total Assets		$ 526,000
Liabilities
Current Liabilities
Accounts Payable	$ 970
Accrued Interest	$ 1,400
Accrued Salaries	$ 550
Unearned Rental Revenue	$ 1,950
Total Current Liabilities		$ 4,870
Long term Liabilities
Notes Payable		$ 350,000
Total Liabilities		$ 354,870
Stockholder's Equity
Capital Stock-Mike	$ 80,000
Capital Stock-Julie	$ 80,000
Retained Earnings	$ 11,130
Total Stockholder's Equity		$ 171,130
Total Liabilities & Stockholder's Equity		$ 526,000

I think I answered the question and this is what it is asking for I closed out the other T accounts as well. Is this right?

Income Statement

Instructions: 7. Prepare the closing entries and post to the 'T' accounts. Particular Debit Particular Credit Jan-31 $30,970 Jan-31 $47500 Jan-31-Cls $15130 $15130 Total Total Retained Earnings Particular Debit Particular Credit Jan-31-Cls $4000 Jan-31 $15130 Total Total $11130 Transaction Account Debit Credit Interest Expense $1400 Rental Revenue $46100 Income Summary $47500 Income Summary $30,970 Depreciation Expense $3,250 Salaries Expense $ 19,950 Rent Expense $ 5,000 Repair Expense $ 520 Utilities Expense $ 560 Depreciation Expense $ 3,250 Supplies Expense $ 290 Income Summary $15130 Retained Earnings $15130 Retained Earnings $4000 Dividends $4000