Chapter 4, Problem 4.22E

Closing Entries. Diane s Dairy Sales & Delivery finished its first year of operations on December 31, 2018 After adjusting journal entries, the company presented the following adjusted trial balance.

Diane's Dairy Sales & Delivery Adjusted Trial Balance At December 31
Account		Debit	Credit
Cash		$ 833,000
Accounts Receivable		179,000
Supplies		83,000
Prepaid Insurance		13,000
Prepaid Rent		30,000
Equipment		350,000
Accumulated Depreciation—Equipment			$ 30,000
Accounts Payable			150,500
Wages Payable			24,000
Unearned Revenue			12,000
Notes Payable, due 2019			80,000
Common Stock			1,000,000
Retained Earnings			0
Dividends		12,000
Sales Revenue			1,000,500
Wage Expense	320,000
Utility Expense	32,000
Selling Expense	122,500
Administrative Expense	192,500
Insurance Expense	14,000
Supplies Expense	85,000
Depreciation Expense—Equipment	31,000
Totals	$2,297000		$2.297000

Using this trial balance, prepare Diane’s necessary entries to close out temporary accounts at year-end Omit explanations.