Question 3 1. Prepare the required closing entries for the following selected accounts from the records of Shipit Transportation Inc. at December 31, 2016. Cost of services sold Accumulated depreciation Selling, general, and administrative expense Retained earnings, December 31, 2015 Service revenue Depreciation expense Other revenue Income tax expense Dividends Income tax payable $11,600 17,800 6,900 1,900 23,600 4,100 600 400 400 300 BUSI 1043 INTRODUCTION TO FINANCIAL ACCOUNTING YORKVILLE www.YORKVILLEU.CA 2. How much net income did Shipit Transportation Inc. earn during the year ended December 31, 2016? Prepare a T-account for Retained Earnings to show the December 31, 2016 balance of Retained Earnings