The ledger of Mai Company includes the following accounts with normal balances as of December 31: Retained Earnings $9700; Dividends $1,150; Service Revenue $20,000; Wages Expense $11,900; and Rent Expense $3000.

Prepare its December 31 closing entries

The ledger of Mai Company includes the following accounts with normal balances as of December 31: Retained Earnings $9,700; Dividends $1,150; Services Revenue $20,000; Wages Expense $11,900; and Rent Expense $3,000. Prepare its December 31 closing entries. X Answer is not complete. No Date General Journal Debit Credit 1 December 31 Services revenue 20,000 Income summary 2 December 31 Income summary 14,900 Wages expense 11,900 Rent expense 3,000 3 December 31 9,700 X Income summary Retained earnings 9,700 x 4 December 31 Retained earnings 1,150 Dividends 1,150