Following Are Selected Accounts and Their Balances for a Company

question 52

Essay

Following are selected accounts and their balances for a company after the adjustments as of May 31, the end of its fiscal year. (All accounts have normal balances.)
$\begin{array}{|l|r|}\hline \text { Retained earnings } & \$ 30,000 \\\hline \text { Dividends } & 6,000 \\\hline \text { Fees earned } & 20,000 \\\hline \text { Salaries expense } & 7,000 \\\hline \text { Insurance expense } & 350 \\\hline \text { Utilities expense } & 75 \\\hline \text { Supplies expense } & 500 \\\hline \text { Supplies } & 400 \\\hline \text { Salaries payable } & 300 \\\hline \text { Depreciation expense } & 425\\\hline\end{array}$ Prepare all the necessary closing entries for this company.