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The following select accounts and balances are given for Citadel Ltd. at year end, December...

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Accounting

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The following select accounts and balances are given for Citadel Ltd. at year end, December 31, 2020. All account balances are normal balances: Account title Consulting revenue Prepaid insurance Insurance expense Salaries expense Salaries payable Dividends declared Other operating expenses Retained earnings (January 1, 2020) Balance 90,000 8,000 1,800 20,000 28,000 3,000 40,000 18,000 Prepare closing entries for Citadel Ltd. on December 31, 2020. Date Account Name Debit Crec

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