Ivey Publishing generates and records $15,000 of revenues and $12,000 of expenses during the month. It also

Question:

Ivey Publishing generates and records $15,000 of revenues and $12,000 of expenses during the month. It also pays and records $500 in dividends for the month.
Required
Prepare Ivey's closing entries for the month and determine the net change in Retained Earnings as a result of those entries.