Based on R1, prepare the closing journal entries.

a. Closing the revenue account
				Account name		$amount
		Dr:
			Cr:
b. Closing the expenses
				Account name		$amount
		Dr:
			Cr:
			Cr:
			Cr:
			Cr:
c. Closing the income summary account
				Account name		$amount
		Dr:
			Cr:
d. Closing the dividends account
				Account name		$amount
		Dr:
			Cr:

R1 is...

XYZ Company Adjusted Trial Balance For the Year Ending December 31, 20XX
Accounts			Debit		Credit
Cash			$ 150,000
Accounts receivable			42,000
Prepaid rent			15,000
Land			84,000
Building and equipment			200,000
Accumulated depreciation					$ 60,000
Accounts payable					21,000
Unearned revenue					13,000
Notes payable					100,000
Capital stock					75,000
Retained earnings, Jan. 1					174,000
Revenues					237,000
Wages expense			98,000
Rent expense			45,000
Depreciation expense			20,000
Interest expense			8,000
Dividends			18,000		-
			$ 680,000		$ 680,000
XYZ Company INCOME STATEMENT For the Year Ending December 31, 20XX
Revenues					$ 237,000
Less:
Wages expense			$ 98,000
Rent expense			45,000
Depreciation expense			20,000
Interest expense			8,000		171,000
Net Income					$ 66,000
XYZ Company STATEMENT OF RETAINED EARNINGS For the Year Ending December 31, 20XX
Retained earnings, Jan. 1					$ 174,000
Net income					66,000
					$ 240,000
Dividends					18,000
Retained earnings, Dec. 31					$ 222,000
XYZ Company Balance Sheet December 31, 20XX
Cash					$ 150,000
Accounts receivable					42,000
Prepaid rent					15,000
land					84,000
Building and equipment			$ 200,000
Less:	Accumulated depreciation	(	60,000	)	140,000
Total assets					$ 431,000
Accounts payable					$ 21,000
Unearned revenue					13,000
Notes payable					100,000
Total liabilities					$ 134,000
Capital stock			$ 75,000
Retained earnings			222,000		297,000
Total liabilities and equity					$ 431,000