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 Summary216,000Service Revenue183,000Accumulated Depreciation33,000Depreciation Expense33,000Income Taxes Expense8,200Utilities Expense12,600Wages Expense66,000Supplies Expense31,000Accounts Payable4,500Income Summary155,300Income Summary60,700Retained Earnings60,700Dividends3,200Income Summary3,200

prepare the correct closing entries. Assume that all necessary accounts are presented above and that the amounts given are correct. If an amount box does not require an entry, leave it blank.

dec. 31

dec 31

dec 31

dec 31