Closing Entries In the midst of closing procedures, Claremont Corporations accountant became ill. You have volunteered to complete the closing of the books, and you find that all revenue and expense accounts have zero balances and that the Income Summary account has a single debit entry for $318,800 and a single credit entry for $357,400. The Cash Dividends account has a debit balance of $16,000, and the Retained Earnings account has a credit balance of $117,000. Prepare journal entries to complete the closing procedures as of year-end.

Complete in its entirety Chapter 3 Problem 3-13B on the Excel template that is provided. Make sure you complete all components of the question and provide a brief description of each journal entry. (See the full description of the problem and the information necessary in the textbook).

Prepare journal entries in a general journal, including providing a description of the journal entry, and record the journal entries in the general ledger accounts provided, with proper tracing to the journal entry.

Prepare a trial balance as of December 31.

Prepare an income statement for the month of December 31.

Prepare a balance sheet as of December 31. (Note: In this problem, the net income for December 31 becomes the amount of retained earnings as of December 31.