Following are selected accounts and their balances for a company after the adjustments as of December 31, the end of its fiscal year. (All accounts have normal balances.) Dividends $3,200

Fee Revenue. 10,000

Salaries Expense. 5,430

Insurance Expense.. 700

Utilities Expense. 450

Supplies Expense 170

Supplies.. . 500

Salaries Payable.. 100

Depreciation Expense. 820

Prepare all the necessary closing entries for this company and state the 4-step closing process. (Show all computations, formulas and use proper form where required.)