Using the Camino Visions Company adjusted trial balance from the previous question, prepare the appropriate closing entries as of March 31.

In each journal entry, the debit(s) should come first.

The preferred format of each journal entry should be as follows:

Account Name	Debit Amount	Credit Amount

Camino Visions Company reported the following adjusted trial balance as of March 31:

Acct #	Account Name	Debits	Credits
101	Cash	$ 29,500
106	Accounts receivable	22,000
124	Office supplies	2,000
128	Prepaid insurance	8,000
131	Prepaid rent	16,000
163	Office equipment	70,000
165	Accumulated depreciation		$ 14,000
201	Accounts payable		5,000
210	Salaries payable		7,000
220	Unearned revenue		17,000
307	Common stock		75,000
310	Retained earnings		11,000
319	Dividends	3,000
401	Services revenue		47,000
680	Salaries expense	19,000
685	Supplies expense	750
687	Rent expense	2,500
688	Insurance expense	1,200
690	Utilities expense	550
695	Depreciation expense	1,500
Totals		$ 176,000	$ 176,000

financial statements:

Income Statement:

Services revenue: $47,000

Salaries expense: $19,000

Supplies expense: $750

Rent expense: $2,500

Insurance expense: $1,200

Utilities expense: $550

Depreciation expense: $1,500

Total Expenses: $25,500

Net income: $21,500

Statement of Retained Earnings:

Beginning retained earnings: $11,000

Add: net income: $21,500

Less: dividends: $3,000

Ending retained earnings: $29,500

Balance Sheet:

Assets:

Cash: $29,500

Accounts receivable: $22,000

Office supplies: $2,000

Prepaid insurance: $8,000

Prepaid rent: $16,000

Office equipment: $70,000

Accumulated depreciation: $14,000

Total Assets: $133,500

Liabilities:

Accounts payable: $5,000

Salaries payable: $7,000

Unearned revenue: $17,000

Total Liabilities: $29,000

Equity:

Common stock: $75,000

Retained earnings (ending): $29,500

Total Equity: $104,500

Total Liabilities and Equity: $133,500

Using the Camino Visions Company adjusted trial balance from the previous question, prepare the appropriate closing entries as of March 31.

In each journal entry, the debit(s) should come first.

The preferred format of each journal entry should be as follows:

Account Name	Debit Amount	Credit Amount