E3-16B (Closing Entries for a Corporation)Presented below are selected account balances for Kirby Co. as of December 31, 2012. Merchandise Inventory 12 ⁄ 31 ⁄ 12 $24,000Sales $164,000Common Stock 30,000Cost of Goods Sold 90,280Retained Earnings 18,000Selling Expenses 6,400Dividends 7,200Administrative Expenses 15,200Sales Returns and Allowances 4,800Income Tax Expense 12,000Sales Discounts 6,000Instructions: Prepare closing entries for Kirby Co. on December 31, 2012E3-17B (Transactions of a Corporation, Including Investment and Dividend)Scott Loder opened Ledford Miniature Golf and Driving Range Inc. on March 1. The following selected events and transactions occurred during March.Mar. 1Invested $62,500 cash in the business in exchange for common stock.3Purchased Moises Moreno’s Golf Land for $47,500 cash. The price consists of land $12,500; building $27,500; and equipment $7,500. (Make one compound entry.)5Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $2,000.6Paid cash $1,850 for a one-year insurance policy.10 Purchased golf equipment for $3,125 from Moore Company, payable in 30 days.18 Received golf fees of $1,500 in cash.25 Declared and paid a $625 cash dividend.30Paid wages of $1,125.30Paid Moore Company in full.31 Received $950 of fees in cashLedford uses the following accounts: Cash Equipment Service RevenuePrepaid Insurance Accounts Payable Advertising ExpenseLand Common Stock Wages ExpenseBuildings DividendsInstructions: Journalize the March transactions.E3-18B (Cash to Accrual Basis)June Murray, M.D., maintains the accounting records of Murray Clinic on a cash basis. During 2012, Dr. Murray collected $285,200 from her patients and paid $110,940 in expenses. At January 1, 2012, and December 31, 2012,she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. All long-lived assets are rented.