The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Wallace Production Company follow.

Requirement
1. Journalize the adjusting and closing entries of Wallace Production Company at December 31. There was only one adjustment to ServiceRevenue.

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Wallace Production Company Unadjusted Trial Balance From the Adjusted Trial Balance Account $13,600 1,100 48,000 Prepaid rent $ 3,600 Accumulated depreciatio. Accounts paybl. Salary payable Income tax payable Notes payable, long-ter Commons Retained earnings Dividends Service revenue Salary expense Rent expense Depreciation expense Income tax expense.... Total 4,400 8,500 10,000 20,800 13,400 1,000 $19,900 4,500 $4,900 1,400 1,700 $69,100 $69,100 $8,600 $19,900