Preparing and Analyzing Closing Entries At December 31, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $73,300; Cost of Goods Sold, $38,500; Retained Earnings, $20,000; Interest Expense, $3,200, Dividends (declared and paid), $5,000; Wages Expense, $8,000, and Interest Payable, $2,100 Required: 1. Prepare the closing entries for Aulani at December 31. If an amount box does not require an entry, leave it blank Dec. 31 Sales Revenue Sales Revenue Dec. 31 Income Taxes Expense Sest of Goods Sold Interest Expense Wages Expense Dec. 31 Retained Earnings Dividends 2. How does the closing process affect Aulani's retained earnings? Increase of 23,600 x 2. Refer to the journal entries and consider the affects on retained earnings as the accounts are closed