PREPARATION OF CLOSING ENTRIES. Thomas Beauty Supply has the following accounts and balances at year-end:lol

REQUIRED:
Prepare the journal entries to close the revenue and expense accounts into income summary and to close income summary and dividends into retained earnings.

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Sales revenue Cost of goods sold Depreciation expense, building Depreciation expense, equipment Utilities expense Wages expense Interest expense Income taxes expense Dividends. $52,430,100 31,428,190. 2,320,000 906,200 423,800 14,078,370 228,000 1,035,500 995,000