From the following items in the income statement columns of the worksheet of Monaghan Company at December 31, prepare the closing entries without explanation, assuming that a $500 withdrawal was made during the period. 
Definitions:
Leased
Pertains to a contractual agreement where one party, the lessor, grants another party, the lessee, the use of an asset for a specified time in exchange for payment.
Ownership Rights
Legal rights to possess, use, and dispose of assets or properties.
Sell
The act of exchanging a product or service for money or other compensation.
Bailment
A legal relationship where physical possession of personal property is transferred from one party to another, with the understanding that the property will be returned.
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