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Q2: Prepare December 31,2020 four closing entries for friends' group. (4x3-12) Account title Debit Credit $18,000 12,000 2,000 23.000 $6,500 46,600 6,000 Cash Supplies Prepaid Insurance Equipment Accumulated depreciation- Equipment R. Showers, capital R. Showers, withdrawals Services revenue Depreciation expense. Equipment Salaries expense Insurance expense Rent expense Supplies expense Totals 36,000 2,000 21,000 1.500 2.400 1,200 $89,100 $89,100
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