On December 31 st you have the following three temporary accounts: Revenue: 50,000 (Credit Balance) Wage Expense: 5,000 (Debit Balance) Depreciation…

On December 31st you have the following three temporary accounts: 

Revenue: 50,000 (Credit Balance)

Wage Expense: 5,000 (Debit Balance)

Depreciation Expense: 2,000 (Debit Balance)

Create a closing journal entry to close out these three accounts for the year. Be sure to label each line as a debit or credit balance. 

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