Exercise 6.1 (Algo) Journalize closing entries. LO 6-1
On December 31, 20X1, the ledger of De La Rosa Company contained the following account balances:

Cash $ 31,000 Rosie De La Rosa, Drawing $ 11,500
Accounts receivable 1,900 Fees income 43,750
Supplies 1,100 Depreciation expense 1,750
Equipment 24,000 Salaries expense 15,000
Accumulated depreciation 1,500 Supplies expense 2,000
Accounts payable 2,000 Telephone expense 1,600
Rosie De La Rosa, Capital 46,250 Utilities expense 3,650
All the accounts have normal balances. Prepare the closing entries for the above transactions.