Thunder Company's fiscal year-end is December 31, 2022. The following is an adjusted trial balance as of December 31. Cash Supplies Accounts Debit $ 10,300 Credit 30,500 Prepaid Rent 21,500 Accounts Payable $ 1,300 Notes Payable 13,000 Common Stock 31,500 Retained Earnings 7,300 Dividends 2,300 Service Revenue 55,700 Salaries Expense 18,300 Advertising Expense 11,300 Rent Expense 8,300 Utilities Expense 6,300 Totals $108,800 $108,800 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.)