Raptors Consulting Ltd. began 2020 with a retained earnings balance of $38,100 and has the following accounts and balances at year-end: Sales Revenue Salaries Expense Rent Expense Utilities Expense Accounts Receivable Income taxes payable $200,000 100,000 15,000 10,000 20.000 4,000 Supplies Expense Income Tax Expense Dividends Declared Inventory $5,000 10,000 10,000 6,000 Required: Prepare the closing entries made by Raptors Consulting Ltd. at the end of 2020. Use the income summary account in your entries. Use the following format for the journal entries. Credit Transaction# Example Account Supplies Accounts Payable Debit $100 $100 You can omit explanations. Make sure to include the full name of any account you use. Account Debit Credit