The unadjusted and adjusted trial balances af White Company as of December 31, 2003, are presented below. 

Prepare the journal entries that are required to adjust the accounts at December 31, 2003. Prepare the journal entry that is required to close the accounts at December 31, 2003.

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White Company Trial Balance December 31, 2003 Unadjusted Debits Credits Debits Adjusted Credits Cash $ 21,250 $ 21,250 Accounts Receivable. 11,250 11,250 Supplies on Hand 5,195 3,895 Prepaid Rent.... 17,545 7,545 Prepaid Insurance 1,985 1,100 Buildings (net)... 95,000 95,000 Land - 45,720 45,720 Accounts Payable $ 9,350 $ 9,350 Wages Payable. 5,700 Income Taxes Payable. 580 Interest Payable.. 450 1,050 Notes Payable. Capital Stock.. 65,000 65,000 84,320 84,320 Consulting Fees Earned. 142,380 142,380 Wages Expense. 92,335 98,035 Rent Expense 10,000 Interest Expense 3,500 4,100 Insurance Expense 585 1,470 Supplies Expenses 4,365 5,665 Income Tax Expense 2,770 3,350 Totals $301,500 $301,500 $308,380 $308,380