Excallbur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31,2024 , appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system. Information necessary to prepare the year-end adjusting entries appears below. 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over an eight-year useful life with no residual value. 2. Accrued salaries at year-end should be $3,300. 3. The company borrowed $27,300 on September 1,2024 . The principal is due to be repaid in 10 years. Interest is payable twice a year on each August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplles on hand at year-end cost $320. 5. Prepaid rent expired during the period is $13,200. Cash dividends paid to shareholders during the year amounted to $4,125. 3. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. Prepare the necessary closing entrles assuming that adjusting entries have been correctly posted to the accounts. Note: If no entry is required for a transaction/event, select. "No journal entry required" in the first account field. Journal entry worksheet Record the entry to close the revenue accounts using retained earnings. Note: Enter debits before credits. Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry to close the expense accounts using retained earnings. Note: Enter debits before credits; Prepare the necessary closing entries assuming that adjusting entries have been correctly posted to the accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits