The items below are from the Income Statement columns of the work sheet for Best Repair Shop, Inc., for the year ended December 31, 2010. 

Prepare entries in journal form to close the revenue, expense, Income Summary, and Dividends accounts. Dividends of $5,000 were paid during the year.

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Income Statement Debit Credit Account Name 25,620 Repair Revenue Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense-Repair Equipment 8,110 1,200 4,260 915 1,345 1,000 Income Taxes Expense 25,620 16,830 Net Income 8,790 25,620 25,620