Seminoles Corporations fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31.

Accounts	Debit			Credit
Retained Earnings				$	25,000
Dividends	$	2,500
Service Revenue					45,000
Interest Revenue					5,500
Salaries Expense		14,500
Rent Expense		5,500
Advertising Expense		2,500
Depreciation Expense		10,500
Interest Expense		4,500

Required:

1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)