The Gerde Clinic, Incorporated, closes its temporary accounts once each year on December 31. The company...

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The Gerde Clinic, Incorporated, closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report: Revenue: Counseling revenue Expenses: Advertising expense Salaries expense Office supplies expense Utilities expense THE GERDE CLINIC, INCORPORATED Income Statement For the year ended December 31, current year Malpractice insurance expense Office rent expense Continuing education expense Depreciation expense: fixtures Miscellaneous expense Income taxes expense Net income $ 250,000 $2,000 91,000 1,600 900 6,000 30,000 3,600 4,500 5,000 32,500 177,100 $ 72,900 Gerde's statement of retained earnings indicates that a $7,000 cash dividend was declared and paid during the current year. a. Prepare the necessary closing entries on December 31 of the current year. b. If Gerde's Retained earnings account had a $91,000 balance on at the beginning of the current year, at what amount should Retained Earnings be reported in the clinic's year-end balance sheet on December 31 of the current year? Complete this question by entering your answers in the tabs below. Required A Required B Prepare the necessary closing entries on December 31 of the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet A B C D Record the entry to close the revenue account. Note: Enter debits before credits. The Gerde Clinic, Incorporated, closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report: Revenue: Counseling revenue Expenses: Advertising expense Salaries expense Office supplies expense Utilities expense THE GERDE CLINIC, INCORPORATED Income Statement For the year ended December 31, current year Malpractice insurance expense Office rent expense Continuing education expense Depreciation expense: fixtures Miscellaneous expense Income taxes expense Net income $ 250,000 $2,000 91,000 1,600 900 6,000 30,000 3,600 4,500 5,000 32,500 177,100 $ 72,900 Gerde's statement of retained earnings indicates that a $7,000 cash dividend was declared and paid during the current year. a. Prepare the necessary closing entries on December 31 of the current year. b. If Gerde's Retained earnings account had a $91,000 balance on at the beginning of the current year, at what amount should Retained Earnings be reported in the clinic's year-end balance sheet on December 31 of the current year? Complete this question by entering your answers in the tabs below. Required A Required B Prepare the necessary closing entries on December 31 of the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet A B C D Record the entry to close the revenue account. Note: Enter debits before credits.