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Provide the closing entry for the following trial balance

    Assignment Instructions

    Assignment ID: FG133140088

    Question – Provide the closing entry for the following trial balance at year end:

    DR. CR.

    Cash $5,275

    A/R $1,850

    Equipment $56,480

    A/P $12,350

    Owners Capital $70,405

    Owners Withdrawals $6,000

    Revenue $85,000

    Cost of Goods Sold $25,000

    Salaries $50,000

    Payroll Taxes $8,900

    Utilities $13,800

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