LO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable $33,200 Prepaid insurance 6,000 Land 48,000 Accounts payable 27,050 Notes payable 65,800 Retained earnings 9,350 Dividends 2,200 Fees earned revenue 70,500 Selling expenses 41,770 Administrative expenses 22,400 Miscellaneous expense 1,835 PB 3. LO 5.1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: Accounts receivable $ 85,500 Prepaid insurance 18,000 Land 15,000 Accounts payable 82,350 Notes payable 35,000 Retained earnings 129,650 Dividends 15,000 Fees earned revenue 311,000 Selling expenses 210,000 Administrative expenses 105,000 Miscellaneous expense 8,500