balances Asset, Liability, & Equity Accounts (i.e., common stock & R/E) D. Closing entries transfer and into the account. EX 1: Closing Entries Presented below are selected account balances for Alistair Co. as of December 31, 2015: Debits Credits Supplies $60,000 Common Stock $75,000 Retained Earnings (beg.) 45,000 Dividends 18,000 Sales Revenue 363,000 Salaries Expense 235,700 Utilities Expenses 16,000 Income Tax Expense 68,000 Prepare Closing Entries for Alistair as of 12/31/2015. 3-10