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what are the closing journal entries?

American Laser, Incorporated, reported the following account balances on January 1. The company entered into the following transactions during the year. January 15 Issued 5,000 shares of $1 par conmon stock for $50,000 cash. January 31 collected $3,000 from customers on account. February 15 Reacquired 3,600 shares of $1 par common stock into treasury for $33,000 cash. March 15 Reissued 2,000 shares of treasury stock for $24,000 cash. August 15 Reissued 600 shares of treasury stock for $4,600 cash. September 15 Declared (but did not yet pay) a \$1 cash dividend on each outstanding share of common stock. October 1 Issued 100,10 -year, $1,000 bonds, at a quoted bond price of 101. October 3 Wrote off a $1,500 batance due from a custoser who went bankrupt. December 29 Recorded $230,000 of service revenue, atl of which was collected in cash. December 30 Paid $200,000 cash for this year's wages through Decenber 31. Ignore payroll taxes and payroll deduction December 31 Calculated $10,000 of depreciation for the year to be recorded. (Ignore accrual adjustments for interest and income taxes.) Journal entry worksheet Prepare a closing journal entry for the income statement accounts, assuming the events on December 29-31 were the only transactions to affect income statement accounts. Record the transaction. Note: Enter debits before credits

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