Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: 62 12 points 02:09:04 Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2023 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse $ 25,060 38,500 10, 290 20,58 7,700 18,900 185, eee 77,780 39,900 119,600 32,900 108,500 38,500 27,020 264, 250 121, Bee The company uses an Income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. 62 Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. 12 points View transaction list 80208:08 Journal entry worksheet Record to close the expense accounts to the income summary. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Record entry Clear entry View general journal 62 Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list 12 points 8 0207:53 Journal entry worksheet Record to close the income summary to retained earnings. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Record entry Clear entry View general journal 62 Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. 12 points View transaction list 02:07:41 Journal entry worksheet 4 > Record to close the Cash Dividends account to Retained Earnings. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Record entry Clear entry View general journal 62 Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list 12 points 02:08:23 Journal entry worksheet 2 3 4 Record to close the revenue account to the income summary. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Record entry Clear entry View general journal