M$4-13($Algo$)$ Recording a Closing Entry LO$4-4$

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $$620$ were declared at the end of the year, and $500$ additional shares of common stock $($$$0\mathrm{.}10$ par value per share$)$ were issued at the end of the year for $$3,080$ in cash $($for a total at the end of the year of $840$ shares$).$ These effects are included below:

Catena$$s Marketing Company

Adjusted Trial Balance

End of the Current Year

Debit Credit

Cash $$1,520$

Accounts receivable $2,240$

Interest receivable $108$

Prepaid insurance $1,640$

Long$-$term notes receivable $3,000$

Equipment $15,690$

Accumulated depreciation $$3,080$

Accounts payable $2,480$

Dividends payable $620$

Accrued expenses payable $3,960$

Income taxes payable $1,728$

Unearned rent revenue $520$

Common Stock $(840$ shares$)84$

Additional paid$-$in capital $3,660$

Retained earnings $1,480$

Sales revenue $39,420$

Rent revenue $820$

Interest revenue $108$

Wages expense $19,900$

Depreciation expense $1,880$

Utilities expense $396$

Insurance expense $786$

Rent expense $9,080$

Income tax expense $1,720$

Total $$57,960$ $$57,960$

Prepare the closing entry at the end of the current year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. journal entry