Part 1 of 12 The following trial balance for Badger Ranch Company pertains to December 31, 2021, which is the end of the firm's year-long accounting period: (Click the icon to view the adjusted trial balance.) Read the requirements. ---- Points: 0 of 1 (Click the icon to view the income statement.) (Click the icon to view the statement of retained earnings.) (Click the icon to view the balance sheet.) Requirement 1. Make Badger Ranch Company's closing entries at December 31, 2021. Explain what they accomplish and why they are necessary. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the closing entries for Badger Ranch Company at December 31, 2021. Begin by closing the revenue account. Date (Clo a) Dec 31 Journal Entry Accounts Debit Credit