Presented below are the balances from Elsie's Electronics Ltd's general ledger as at September 30, 2020: DR CR Cash 29,000 Accounts receivable 33,000 Inventory 70,000 Equipment 323,000 Accumulated depreciation, equipment 140,000 Accounts payable 109,000 Bank loan payable 68,000 Unearned revenue 20,000 Common shares 10,000 Retained earnings 68,000 Dividends declared 17,000 Sales revenue 504,500 Interest revenue 2,500 Cost of goods sold 320,000 Wages expense 61,000 Rent expense 27,000 Depreciation expense 42,000 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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit Sept. 30 sales revenue 504500 Interest Revenue 2500 Income Summary 507000 (To close accounts with a credit balance) Sept. 30 Income Summary 450000 Cost of Goods Sold 320000 wages expense 61000 Rent Expense 27000 Depreciation Expense 42000 (To close accounts with a debit balance) Sept. 30 Income Summary 57000 Retained Earnings 57000 (To close income summary account) Sept. 30 retained earnings 17000 Dividends Declared 17000 (To close dividend account) e Textbook and Media Assistance Used List of Accounts Assistance Used Your answer is incorrect. Determine the closing Retained Earnings account balance. Retained earnings account closing balance $ 40000 e Textbook and Media Assistance Used List of Accounts Assistance Used