Debit Credit 
Cash 80,000 
Accounts Receivable 11,100 
Prepaid Insurance 1,500

Equipment 4,000 
Accumulated Depreciation 200 
Supplies 500 
Accounts Payable 700 
Wages Payable 300 
Unearned Revenue 1,500 
Contributed Capital 80,000 
Retained Earnings 0 
Sales 17,000 
Gas Expense 400 
Supply Expense 300 
Insurance Expense 200 
Depreciation Expense 200 
Wage Expense 500 
Dividends 1,000 
99,700 99,700 
Explain the closing entry process and prepare the closing entries in journal form based on the information 

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