After All Adjustments Have Been Made, but Before the Accounts

Essay

After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger of Ramona's Designs: $$\begin{array} { l c l l } \text { Accounts Payable } & \$ 27,600 & \text { Rent Expense } & \$ 32,700 \\\text { Accounts Receivable } & 64,500 & \text { Salary Expense } & 41,390 \\\text { Accumulated Depreciation } & 73,325 & \text { Salaries Payable } & 8,150 \\\text { Cash } & 17,150 & \text { Service Revenue } & 186,000 \\\text { Depreciation Expense } & 13,500 & \text { Supplies } & 1,500 \\\text { Equipment } & 165,000 & \text { Supplies Expense } & 2,500 \\\text { Insurance Expense } & 2,510 & \text { Common Stock } & 79,950 \\\text { Prepaid Insurance } & 6,275 & \text { Dividends } & 48,000 \\& & \text { Retained Earnings } & 20,000\end{array}$$ Journalize the entries to close the appropriate accounts.