Your answer is partially correct. Waterway Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2021: Accounts payable 12,400 Income tax payable $ 4,600 Accounts receivable 28.100 Insurance expense 3,600 Accumulated depreciation-equipment 5,400 Prepaid insurance 2.200 Cash 18,800 Rent expense 6,300 Common shares 20,200 Retained earnings 20,900 Depreciation expense 4,400 Salaries expense 47,200 Dividends declared 1,900 Salaries payable 3.200 Equipment 23.300 Supplies 1,000 Fees earned 88,400 Supplies expense 4,100 Income tax expense 4,700 Utilities expense 2,500 Prepare the closing journal entries. (List all debit entries before credit entries. Credit account tittles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 28 (To close revenue account.) 28 Income Summary II DATOTONICA LA (To close expense accounts.) 28 Income Summary Retained Earnings (To close expense accounts.) 28 Income Summary LO TOME II OLE Retained Earnings (To close net income/(loss).) 28 Retained Earnings Dividends Declared (To close dividends.)