Exercise 3-59 (Algorithmic) Preparation of Closing Entries Grand Rapids Consulting inc. began 2019 with a retained earnings balance of $43,700 and has the following accounts and balances at year end: Sales Revenue $162,220 Salaries Expense 91,660 Rent Expense 11,350 Utilities Expense 8,415 Supplies Expense 4,348 Income Taxes Expense 13,800 Dividends (declared and paid) 8,400 Required: 1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2019. If an amount box does not require an entry, leave it blank. Dec. 31 (Close revenue accounts) Dec. 31