Preparing and Analyzing Closing Entries At December 31, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $73,300, Cost of Goods Sold, $38,500, Retained Earnings, $20,000. Interest Expense, $3,200, Dividends (declared and paid), $5,000; Wages Expense, $8,000, and Interest Payable. $2,100. Required: 1. Prepare the closing entries for Aulani at December 31. If an amount box does not require an entry, leave it blank Dec. 31 Sales Revenue Retained Earnings Dec 31 Retained Earnings Cost of Goods Sold 2000 X 300X Interest Expense Wages Expense 1300 X X Dec 31 Retained Earnings 2009 Dividends 1,000X 2. How does the closing process affect Aulani's retained earnings? Increase of: 23,600 X