AC 211
Closing Entries

The adjusted trial balance for Carter Company follows:

Carter Co.
Adjusted Trial Balance
December 31, 2013

Account Title | Debit | Credit

Cash $15,500
Office Supplies $1,100
Prepaid Insurance $1,875
Equipment $49,500
Accumulated Depreciation - Equipment $4,200
Accounts Payable $13,230
Wages Payable $320
S. Carter, Capital $33,975
S. Carter, Withdrawals $10,000
Repair Fees Earned $80,000
Depreciation Expense - Equipment $4,200
Wages Expense $36,500
Insurance Expense $750
Rent Expense $8,600
Office Supplies Expense $2,500
Utilities Expense $1,200

Totals $131,725 $131,725

Required:
1. Prepare the closing journal entries.