Prepare closing entries from the following information on the Warner Books worksheet income statement columns. Additional information: Withdrawals equal $25 for the period. 
Definitions:
Binding Minimum Wage
A government-set minimum wage that is above the equilibrium wage, potentially leading to unemployment because the quantity of labor supplied exceeds the quantity demanded.
Labor Demanded
The total number of workers that employers are willing and able to hire at a given wage rate in a certain period of time.
Labor Supplied
The aggregate amount of hours that employees are prepared and capable of working for a specified rate of pay.
Binding Price Floor
A minimum price set by the government or body above the equilibrium price, leading to excess supply if the market cannot legally adjust to its equilibrium.
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