Preparing Financial Statements and Closing Entries Beneish Corporation has the following account balances at December 31, the end of its fiscal year. Debit Credit Cash $ 2,000 Accounts receivable 3,250 39,000 $7,000 5,000 Equipment Accumulated depreciation Notes payable Common stock Retained earnings Dividends 21,500 10,300 4,000 Service fees earned 35,500 9,000 18,550 Rent expense Salaries expense Depreciation expense Totals 3,500 $79,300 $79,300 (b) Prepare journal entries to close Beneish's temporary accounts. GENERAL JOURNAL Ref. Description Debit Credit 0 0 0 To close revenue account. (2) 0 o o 0 To close rent expense account. (3) 0 0 0 0 To close salaries expense account. . 0 0 . 0 0 To close depreciation expense account. (5) 0 0 . 0 0 To close dividend account. (c) Set up T-accounts for each account and post the closing entries. Note: Only those ledger accounts affected by closing process are shown here. Enter beginning balances in the appropriate answer box Enter transactions in the T-accounts in the order they appear, using first available answer box on the appropriate side of the T-account. Compute the ending balances. Rent Expense Retained Earnings 0 Beg Bal 0 0 Beg Bal. 0 Service Fees Earned 0 0 Beg Bal. 0 O End Bal End Bal. 0 0 0 0 0 0 0 0 0 0 End Bal Dividends Salaries Expense Depreciation Expense 0 0 Beg Bal 0 0 0 Beg Bal End Bal Beg Bal End Bal 0 0 End Bal 0 0 0 0