Exercise 3-60 (Algorithmic) Preparation of Closing Entries James and Susan Morley recently converted a large turn-of-the-century house into a hotel and incorporated the business as Saginaw Enterprises Their accountant is inexperienced and has made the following closing entries at the end of Saginaw's first year of operations Income Summary 208,000 Service Revenue 175,000 33,000 Accumulated Depreciation Depreciation Expense Income Taxes Expense Utilities Expense 33,000 8,200 12,300 66,000 31,000 4,500 Wages Expense Supplies Expense Accounts Payable Income Summary 155,000 Income Summary 53,000 Retained Earnings 53,000 Previous cheduled more. Check M.Workses romaining Income Taxes Expense 8,200 Utilities Expense 12,300 Wages Expense 66,000 31,000 Supplies Expense 4,500 Accounts Payable Income Summary 155,000 Income Summary 53,000 Retained Earnings 53,000 Dividends 3,200 Income Summary 3,200 Required: Prepare the correct closing entries. Assume that all necessary accounts are presented above and that the amounts given are correct. If an an box does not require an entry, leave it blank. Dec 31 Service Revenue 175,000 Income Summary 175,000 (Close revenue account) Previou chada del mare Check M.Work ses remaining PICJU box does not require an entry, leave it blank. SUUVU and that the amounts given are correct. I an am Dec. 31 Service Revenue 175,000 Income Summary 175,000 (Close revenue account) Dec, 31 Income Summary 208,000 Depreciation Expense 33,000 Income Taxes Expense 8,200 Utilities Expense 12.300 Wages Expense 66,000 Supplies Expense (Close expense accounts) Dec. 31 Income Summary Retained Earnings (Close Income Summary) Dec 31 Retained Earnings Dividends (Close Dividends) (Prev ched d more. Check M Worksns remainion