1. A service business has the following financial information as of the end of the year prior to recording closing entries: Revenues Expenses Retained Earnings Dividends Common Stock Assets Liabilities $12,000 $7,000 $6,000 $2,000 $4,000 $28,000 $15,000 A. Determine the balance of the income summary account after closing all other accounts EXCEPT income summary. Be sure to label the balance as DEBIT or CREDIT. B. Determine the balance of the retained earnings account after closing ALL accounts including income summary. Be sure to label the balance as DEBIT or CREDIT. 2. A service business has the following financial information as of December 31 prior to recording closing entries: Service revenue $8,000 Rent expense $1,000 Salary expense $3,500 Depreciation expense $1,500 Dividends $750 Prepare all the necessary closing journal entries required at December 31