Score: 1.07 of 5 pts 3 of 4 (4 completo) HW Score: 76.94%, 15.39 of 20 pts % S3-17 (similar to) Question Help The adjusted trial balance of Arnold Corporation at December 31 shows that sales revenue for the year was $560,000 and other revenue was $57,000. Cost of goods sold for that same period was $270,000, while other expenses totaled $235,000. The corporation declared and paid dividends of $10,000 during the year. The balance of retained eamings before closing entries was $465,000. 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 joumal entries.) Begin by recording the entry to close out the revenue accounts. Date Credit Deo Journal Entry Accounts 31 Sales Revenue Other Revenue Retained Earnings Debit 560,000 57,000 617,000 Close out the expense accounts Journal Entry Date Debit Credit Dec Accounts 31 Retained Earnings Cost of Goods Sold Other Expenses i Requirements 1. Prepare the closing entries for revenues, expenses, and dividends for the year. 2. What was net income for the year? 3. What is the ending balance of retained earnings after the closing entries are posted? Print Done