S3-17 (similar to) Question Help The adjusted trial balance of Ant Trap Corporation at December 31 shows that sales revenue for the year was $525,000 and other revenue was $41,000. Cost of goods sold for that same period was $280,000, while other expenses totaled $190,000. The corporation declared and paid dividends of $16,000 during the year. The balance of retained earnings before closing entries was 5480,000 Read the requirements 1. Prepare the closing entries for revenues, expenses, and dividends for the year. (Record debits first, then credits. Exclude explanations from any ouma entries) Begin by recording the entry to close out the revenue accounts. Journal Entry Date Accounts Debit Credit 525.000 Dec 31