(h1) Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually no entry is required, select "No Entry for the account titles and enter for the amounts 1 no entry is required, select "No Entry for the account titles and enter Ofor the amounts) Date Account Titles and Explanation July 31 Debit Credit (To close revenue account) July 31 (To close expense accounts) July 31 (To close net income to retained earnings) eTextbook and Media CONCORD COMPUTER CONSULTANTS Balance Sheet As on Month Ended July 31, 2022 Assets Current Assets Cash Supplies Account Receivable Prepaid Insurance Prepaid Rent Total Current Assets $ 51,390 $ 2,990 $ 15,700 $ 3,630 $ 3,900 $ 77,610 Non-Current Assets Fixed Assets Tangible Assets Equipment Less : Accumulated Depreciation Total Non-current Assets $ 24,000 $ (500) $ 23,500 Total Assets $ 101,110 Liablities and Shareholder's Equity Current Liablities Notes Payable $ 20,000 Account Payable $ 3,200 Interest Payable $ 100 Salaries and Wages Payable $ 11,200 Income Tax Payable $ 1,100 Unearned Service Revenue $ 4,100 Total Current Liablities $ 39,700 Shareholder's Equity Common Stock Retained Earning, July 31 Total Shareholder's Equity $ 50,860 $ 10,550 $ 61,410 Total Liablities and Shareholder's Equity $ 101,110 70.25/100 Cash Debit Credit 51.390 $ Accounts Receivable 15,700 Prepald Insurance 3.630 Supplies 2.990 Prepaid Rent 3.900 Equipment 24,000 Accumulated Depreciation Equipment 500 Accounts Payable 3.200 Interest Payable Salaries and Wages Payable 11.200 Income Taxes Payable 1.100 Uneared Service Revenge 4.100 Notes Payable 20.000 Common Stock 50.560 2.40 Realed Earnings 30.570 Service Revenue 22.400 Salaries and wages Expense 3.900 Rent Depende 2.400 Advertising Diperise 1280 Supplies Expense 800 Othe Expens 500 Depreciation Expert 330 Insurance Expende 100 Interest Depene 1.100 Income Tax Expende G Salaries and Wages Payable 70.25 / 100 Income To Payable Unearned Service Revenue 1.100 Notes Payable 4100 20.000 Common Stock 50.860 Retained Earnings 2.690 Service Revenue 40.670 Salaries and Wages Expense 22.400 Rent Expense -2.900 Advertising Expense 2.400 1.280 Supplies Expense Uutiles Expense 800 500 Depreciation Expense 330 Insurance Expense 100 Interest Expense 1.100 Income Tax Expense 154430