Preparation of Closing Entries Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $47,500 and has the following accounts and balances at year end: Sales Revenue $162,420 Salaries Expense 91,660 Rent Expense 12,250 8,415 4,348 Utilities Expense Supplies Expense Income Taxes Expense Dividends (declared and paid) Required: 13,800 8,400 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 Dec. 31 Dividends Income Taxes Expense Dec. 31 Supplies Expense 11 Sales Revenue Dec. 31 Income Summary Dec. 31 Rent Expense Sales Revenue II II Utilities Expense Dec. 31 Dividends Income Summary HI Income Taxes Expense Office Supplies Expense Se pynense accounts Dec. 31 Income Summary 11111 Retained Earnings Sales Revenue Salaries Expensets) Dec. 31 Income Summary 11 Rent Expense Retained Earnings ts) Sales Revenue Dec. 31 Dec. 31 w Income Summary Retained Earnings its) Sales Revenue Dec. 31 Utilities Expense Dec. 31 H1 Income Summary Retained Earnings Dec. 31 Sales Revenue Supplies Expense ) Dec. 31 Income Summary Dec. 31 Income Taxes Expense Retained Earnings Sales Revenue Dec. 31 Dec. 31 Income Summary ry) Rent Expense Dec. 31 Salaries Expense Utilities Expense Int) 2. Prenare Grand Rapids Consulting's retained earnings Dec. 31 o ry) Dec. 31 Dividends Income Summary Retained Earnings unt) Sales Revenue Dec. 31 Rent Expense unt) Retained Earnings 2. Prepare Salaries Expense sulting's retained earnings st Grand Retain Utilities Expense ht For the Year Ended December 31, 2019 Dec. 31 unt) Dividends - Prepare Income Summary sulting's retained earning Grand Retained Earnings Retain For the Yea Sales Revenue 2019 ht Dividends Net income Retained earnings, December 31, 2019 ting's retained earnings Retained earnings, January 1, 2019 2019 $ Add: Dividends s retaine Add: Net income Less: Net income Less: Retained earnings, December 31, 2019 $ Z. PEPE JIANU Rapius Toms UILII Tetameu caunystau Add: Dividends Less: Dividends Less: Net income Less: Retained earnings, December 31, 2019 2. Prepare Grand Rapids Consulting's retained earnings statement for 2019. Grand Rapids Consulting Inc. Net income 2019 Dividends Retained earnings, December 31, 2019 Retained earnings, January 1, 2019