The closing process is illustrated in the diagram below with the use of T-accounts. As you can see, Dividends is not included in Income Summary but factored directly into Retained Earnings. This is because Dividends is not considered an income-determining item but represents a distribution of a portion of the profits of the ownership stake in the business, which is quantified in the Retained Earnings account. Using the adjusted trial balance provided below, complete the closing entries in the following T-accounts. Adjusted Trial-Balance For December 31, 20xx Cash $70,000 Accounts Receivable 29,000 Prepaid Insurance 16,000 Equipment 60,000 Accumulated $40,000 Depreciation Accounts Payable 6,000 Common Shares 8,000 Income Taxes Payable 4,000 Retained Earnings 20,000 Dividends 5,000 Fees Earned 175,200 Interest Revenue 36,400 Rent Revenue 84,000 Selling Expense 63,200 Depreciation Expense 46,400 Interest Expense 84,000 $373,600 $373,600 Closing Expenses Income Summary Closing Revenues Fees Earned Selling Expense 63,200 175,200 Income Summary Interest Revenue Depreciation Expense 46,400 Bal 36,400 Rent Revenue Interest Expense 84,000 84,000 Retained Earnings 20,000 Dividends 5,000