Consider the following selected accounts from the records of North Shore Enterprises at December 31, 2016. EE (Click the icon to view the selected accounts and balances.) Requirement 1. Prepare the closing entries for North Shore Enterprises at December 31, 2016. How much net income did North Shore Enterprises earn during 2016? Prepare a T-account for Retained Earnings to show the December 31, 2016, balance of Retained Earnings. Begin by preparing the closing entries for North Shore Services Enterprises. Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit (1) Dec 31 Next, close out the expense accounts. Journal Entry Accounts Debit Credit Date (2) Dec 31 Now close out the dividend account. Journal Entry Accounts Debit Date (3) Dec How much net income did North Shore Enterprises earn during 20167 Net income for 2016 was $ Prepare a T-account for Retained Earnings to show the December 31, 2016, balance of Retained Earnings. Post the beginning balance and closing entries to Retained Earnings and determine the ending balance. Retained Earnings i Data Table - X 14,100 Service.revenue......... $ 41,000 Depreciation.expense.... Other revenue .......... Cost of services sold ........$ Accumulated depreciation.... Selling, general, and administrative.expenses..... Retained earnings December 31, 2015..... . 32,100 4,500 900 600 700 1,100 6,100 Dividends declared ...... Income tax expense...... 1,900 Income tax payable...... Print Done