Use the following adjusted account balances for Magic Company to prepare its closing entries. Cash Accounts receivable Land Account Title Accounts payable Long-term notes payable Magic, Capital Magic, Withdrawals Services revenue Salaries expense Supplies expense Totals Debit $ 13,000 17.000 $5,000 20.000 56,000 $.000 $199,000 Credit $ 12,000 33.000 75,000 79,000 $199,000

Use the following adjusted account balances for Magic Company to prepare its closing entries