All values are in thousands. The trailing 000 have been omitted.

Credit Debit $200 $300 $50 $350 $70 $400 $100 200 $100 $90 $30 $200 $30 Closing Process Extra Credit Project - Paget & Company All values are in thousands. The trailing 000 have been omitted. Account Name Account Type Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Property, Plant & Equipment Accumulated Depreciation Patents Accounts Payable Unearned Revenue Accrued Liabilities Notes Payable Discount on Notes Payable Bonds Payable (Long-Term) Premium on Bonds Payable Dividends Declared Common Stock Retained Earnings Sales Interest Revenue Cost of Goods Sold Environmental Expense Utilities Expense Salaries Expense Amortization Expense - Patents Depreciation Expense Loss on Sale of Land Gain on Sale of Equipment Total $100 $20 $20 $150 $525 $540 $100 $200 $80 $60 $90 $5 $10 $40 $50 Income Summary T-Account Retained Earnings T-Account Step 1: Journal Entry to Close Revenues & Gains: Step 2: Journal Entry to Close Expenses & Losses: Step 3: Journal Entry to close Income Summary Step 4: Journal Entry to close Dividends Declared