Preparation of Closing Entries

Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $29,700 and has the following accounts and balances at year end:

Sales Revenue	$163,020
Salaries Expense	91,660
Rent Expense	10,350
Utilities Expense	8,415
Supplies Expense	4,348
Income Taxes Expense	13,800
Dividends (declared and paid)	8,400

Required:

1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2019. If an amount box does not require an entry, leave it blank.

Dec. 31
	(Close revenue accounts)
Dec. 31
	(Close expense accounts)
Dec. 31
	(Close Income Summary)
Dec. 31
	(Close Dividends account)

2. Prepare Grand Rapids Consulting's retained earnings statement for 2019.

Grand Rapids Consulting Inc.
Retained Earnings Statement
For the Year Ended December 31, 2019
	$
	$