For the year ended December 31, 2021,PearlEnterprises Ltd. had the following revenues and expenses: Sales, $770,000; Cost of Goods Sold, $475,000; Operating Expenses, $105,000; and Income Tax Expense, $32,500. The company also declared $25,000of dividends to the common shareholders on December 27 to be paid on January 15, 2022.

Prepare closing entries forPearlon December 31, 2021.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

enter an account title to close revenue account on December 31

enter a debit amount

enter a credit amount

enter an account title to close revenue account on December 31

enter a debit amount

enter a credit amount

(To close revenue account.)

Dec. 31

enter an account title to close expense accounts on December 31

enter a debit amount

enter a credit amount

enter an account title to close expense accounts on December 31

enter a debit amount

enter a credit amount

enter an account title to close expense accounts on December 31

enter a debit amount

enter a credit amount

enter an account title to close expense accounts on December 31

enter a debit amount

enter a credit amount

(To close expense accounts.)

Dec. 31

enter an account title to close Income Summary on December 31

enter a debit amount

enter a credit amount

enter an account title to close Income Summary on December 31

enter a debit amount

enter a credit amount

(To close Income Summary.)

Dec. 31

enter an account title to close dividends on December 31

enter a debit amount

enter a credit amount

enter an account title to close dividends on December 31

enter a debit amount

enter a credit amount

(To close dividends.)