The December 31, 2021, adjusted trial balance for the Dr. Rivers Company is given below:

Accounts	Debit				Credit
Cash	$	17,000
Accounts receivable		158,000
Prepaid rent		10,000
Supplies		33,000
Equipment		370,000
Accumulated depreciation					$	131,000
Accounts payable						15,000
Salaries payable						3,000
Interest payable						1,800
Notes payable - due in two years						21,000
Common stock						180,000
Retained earnings						192,500
Dividends		27,000
Service revenue						420,000
Salaries expense		188,000
Advertising expense		72,000
Rent expense		20,000
Depreciation expense		33,000
Interest expense		2,300
Utility expense		34,000
Totals	$	964,300			$	964,300

Prepare the closing entries for Dr. Rivers Company for the year ending December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answer rating: 100% (QA)

Date 31Dec Service revenue Income summary To close revenue accounts General Jo... View the full answer