The Retained earnings account has a credit balance of $43,000 before closing entries are made. Services revenue for the period is $61,200, wages expense is $42,800, and dividends are $11,400. What is the correct closing entry for the revenue accounts? Fragment Company leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $875. Fragment collected the entire $7,000 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made on December 31 would be: