6 LTes Using the Cross Corporation data from the previous problem, prepare the company's closing entne 1. Prepare the journal entry required to close the revenue account. 2. Prepare the journal entry required to close the expense accounts. (Remember that you mus show each expense account and balance in order to close it.) 3. Prepare the journal entry required to close the dividend account. 4. Post all closing entries to the Retained Earnings T-account below. Prove that the balance in Retained Earnings after closing all closing entries equals the balance shown on the Balance Sheet. (Beginning balance is shown on the Adjusted Trial Balance.) Retained Earnings 1. In Column 1, identify each account listed below as an Asset (A), a Contra-Asset (CA), a Liability (L), an Equity (EQ), a Revenue (R), or an Expense (EXP). 2. In column 2, identify each account listed as going on the Balance Sheet (BS), Income Statement (1S) or Statement of Retained Earnings (RE). Cross Corporation Adjusted Trial Balance December 31, 2014 ype of Account Financial Statement Account Title Debit Credit Accounts Payable 16,200 Accounts Receivable 25,300 BS CALS E Accumulated Depreciation, Machinery Accumulated Depreciation, 78,000 Allowance for Doubtful Accounts 2,000 15,000 20,100 S BL 30,000 BS 21,000 4,400 245,500 B6 8,000 Bonds Payable Cash Common Stock Dividends Insurance expense Machinery Notes Receivable Other Operating Expenses Paid-in Capital in Excess of Par Prepaid Insurance Rent Expense Retained Earnings Service Fees Earned Supplies 20,700 76,800 86 3,800 37,000 35 44,600 295,200 A 85 6,700 Unearned Revenue Utilities Expense 4,600 7,200 Wages Expense 162,700 Totals 562,400 562,400