Prepare necessary Closing Entries for the month of December, 2011. Gerdes Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report: GERDES PSYCHOLOGICAL SERVICES, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2011 Revenue: Counseling revenue Expenses: Advertising expense Salaries expense Office supplies expense Utilities expense.. Malpractice insurance expense Office rent expense... Continuing education expense Depreciation expense: fixtures Miscellaneous expense Income taxes expense Net income. $225,000 $ 1,800 94,000 1,200 850 6,000 24,000 2,650 4,500 6,000 29,400 170,400 $ 54,600 The firm's statement of retained earnings indicates that a $6,000 cash dividend was declared and paid during 2011. a. Prepare the necessary closing entries on December 31, 2011.