The year-end financial statements of Rattlers Tax Services are provided below. RATTLERS TAX SERVICES Service revenue Expenses: Income Statement Salaries Utilities Insurance Supplies Net income $76,500 $45,800 8,000 5,600 2,000 61,400 $15,100 RATTLERS TAX SERVICES Statement of Stockholders' Equity Common Retained Total Stockholders' Stock Earnings Equity Beginning balance, Jan. 1 $58,000 $24,300 82,300 Issue stock 28,000 28,000 Net income 15,100 15,100 Dividends (5,800) (5,800) Ending balance, Dec. 31 $86,000 $33,600 $119,600 RATTLERS TAX SERVICES Balance Sheet Assets Liabilities Cash $ 4,500 Accounts payable Accounts receivable Land 7,000 115,000 Stockholders' Equity: Common stock Total assets $126,500 Retained earnings Total liabilities and equities $ 6,900 $86,000 33,600 119,600 $126,500 Record the entry to close the expense accounts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit