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Impact Inc. has the following balances in selected accounts of its adjusted trail balance. Accounts Payable $ 25,000 Service Revenue $ 90,000 Dividends $ 15,000

Impact Inc. has the following balances in selected accounts of its adjusted trail balance.

Accounts Payable $ 25,000

Service Revenue $ 90,000

Dividends $ 15,000

Retained Earnings $ 30,000

Account Receivable $ 38,000

PP & E $ 40,000

Accumulated Depreciation $ 28,000

Salaries and Wage Expense $ 20,000

Prepare the closing entries on December 31

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