Closing Entries In the midst of closing procedures, La verne Corporation's accountant became iil. You have volunteered to complete the closing of the books, and you find that all revenue and expense accounts have zero bakances and that the income Summary account has a single debit entry for $318,800 and a single credit entry for $370,000. The Cash Dividends account has a debit balance of $14,000, and the Retained Earnings account has a credit baiance of $117,000. Prepare joumal entries to complete the closing procedures as of year-end