maining Time: 4 hours, 26 minutes, 56 seconds. estion Completion Status: stion 3 SJ Motor Company has the following balances in selected accounts of its adjusted trial balanc . Dividends $15.000 Rent Expense $22,000 Salaries Expense $51,000 Service Revenue $98.000 Supplies Expense $7,000 Accounts Payable $27,000 Accounts Receivable $38,000 Share Capital-Ordinary $42,000 Prepare the closing entries at December 31. Step 1. Closing all Revenue and Expense accounts (Revenue & Expense -> Income Summary) (dr.) 98,000 (cr.) Step2. Closing Income Summary to Retained Earnings (Income Summary -> Retained Earning (dr.) 18,000 (cr.) Step3. Paying Dividends to Shareholders (source of the dividends is Retained Earnings.) (dr) . 15,000 (cr.)