EA 7. LO 5.1Use the following T-accounts to prepare the four journal entries required to close the books:
T-Accounts. Cash debit balance 75,000. Service Revenue credit balance 220,000. Advertising expense debit balance 12,000. Rent Expense debit balance 18,000. Salaries Expense debit balance 120,000. Dividends debit balance 25,000. Retained Earnings credit balance 30,000.