Journal entry 1: Prepare the entry to close the revenue account(s).

Journal entry 2: Prepare the entry to close the expense account(s).

Journal entry 3: Prepare the entry to close income summary.

Journal entry 4: Prepare the entry to close the dividends account.

Required information (The following information applies to the questions displayed below. The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Totals Debit Credit $ 8,000 17,500 3,000 172,000 $ 36,000 85,000 12,000 4,000 58,000 30,000 140,000 20,000 130,000 23,500 61,000 8,000 12,000 $ 410,000 $ 410,000 Prepare the closing entries for the year ended December 31. The Retained Earnings account balance was $140,000 at December 31 of the prior year. Journal entry worksheet Prepare the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal