The items below are from the Income Statement columns of the work sheet for Best Repair Shop, Inc., for the year ended December 31, 2011.

Prepare journal entries to close the revenue, expense, Income Summary, and Dividends accounts. Dividends of $5,000 were paid during theyear.

Income Statement Debit Account Name Repair Revenue Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense Repair Equipment Income Taxes Expense Credit 25,620 8,110 1,200 4,260 915 1,345 1,000 16,830 8,790 25,620 25,620 Net Income 25,620