Preparation of Closing Entries and an Income Statement

Round Grove Alarm Company provides security services to homes in northwestern Indiana. At year end $($December $31),$ after adjusting entries

have been made, the following list of account balances is prepared:

Required:

Prepare closing entries for Round Grove Alarm. If an amount box does not require an entry, leave it blank.

Dec. $31$

Prepare closing entries for Round Grove Alarm. If an amount box does not require an entry, leave it blank.

Dec. $31$

$622,000$

Dec. $31$

$x$

Dec. $31$

$79,150$