A corporation debited Dividends Declared for \(\$ 18,000\) during the year ended December 31. The items that follow appeared in the Income Statement columns of the work sheet prepared at year-end. Prepare closing journal entries for the corporation.

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Income Statement Revenue from services Office salaries expense. Rent expense. Insurance expense. Office supplies expense Depreciation expense, office equipment Net income.. Debit Credit 106,300 32,000 15,000 2,100 500 6,200 55,800 106,300 50,500 106,300 106,300