A company's December 31 work sheet appears below with summary amounts in the Income Statement and Balance Sheet columns. Prepare the four necessary closing entries. 
Definitions:
Chronological Record
A documentation method in which events or transactions are recorded in the order that they occurred.
Assets
Resources owned by a company that have economic value and can be converted into cash.
Liabilities
Financial obligations or debts that an entity owes to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.
Debits
Entries in accounting that represent an increase in assets and expenses or a decrease in liabilities, equity, and revenue.
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