Presented below are the balances from Elsie's Electronics Ltd.'s general ledger as at September 30, 2020:

DRCRCash30,000Accounts receivable31,000Inventory67,000

Equipment

328,000

Accumulated depreciation, equipment160,000Accounts payable104,000Bank loan payable69,000Unearned revenue18,000Common shares10,000Retained earnings72,000Dividends declared18,000Sales revenue493,000Interest revenue2,000Cost of goods sold

321,000Wages expense62,000Rent expense26,000Depreciation expense45,000

(a)

Prepare the necessary closing entries for Elsie's Electronics at September 30.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Sept. 30

(To close accounts with a credit balance)

Sept. 30

(To close accounts with a debit balance)

Sept. 30

(To close income summary account)

Sept. 30

(To close dividend account)