Sandhill Company has the following year-end account balances on November 30, 2021: Service Revenue $40,000, Insurance Expense $2,500, Rent Expense $7,400, Supplies Expense $1,550, L. Wilfrid, Capital $40,000, and L. Wilfrid, Drawings $28,000.
Prepare the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts.)
Date Account Titles and Explanation Debit Credit
Nov. 30 Service Revenue 40,000
Nov. 30 Insurance Expense 2,500
Nov. 30 Rent Expense 7,400
Nov. 30 Supplies Expense 1,550
Nov. 30 L. Wilfrid, Capital 40,000
Nov. 30 L. Wilfrid, Drawings 28,000