Cost of services sold

$14,700

Service revenue

$32,000

Accumulated depreciation

41,900

Depreciation expense

4,400

Selling, general, and

Other revenue

200

administrative expenses

6,400

Dividends declared

1,000

Retained earnings,

Income tax expense

600

December 31, 2020

2,200

Income tax payable

1,300

Consider the following selected accounts from the records of Sunnydale Enterprises at December 31, 2021: (Click the icon to view the selected accounts and balances.) Read the requirement. Begin by preparing the closing entries for Sunnydale Enterprises. Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date (1) Dec 31 Accounts Debit Credit Requirement 1. Prepare the closing entries for Sunnydale Enterprises at December 31, 2021. How much net income did Sunnydale Enterprises earn during 2021? Prepare a T-account for Retained Earnings to show the December 31, 2021, balance of Retained Earnings. Print Done X