Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31.

Accounts Debit Credit

Retained Earnings $ 13,000

Dividends $ 1,300

Service Revenue 33,000

Interest Revenue 4,300

Salaries Expense 13,300

Rent Expense 4,300

Advertising Expense 1,300

Depreciation Expense 9,300

Interest Expense 3,300

Required:

1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

The closing entries for the following accounts are presented below:

1. Service Revenue A/c Dr $33,000

Interest Revenue A/c Dr $4,300

To Income Summary $37,300

(Being revenue account closed)

2. Income summary A/c Dr $31,500

To Salaries Expense $13,300

To Rent Expense $4,300

To Advertising Expense $1,300

To Depreciation Expense $9,300

To Interest Expense $3,300

(Being expenses accounts are closed)

3. Income summary A/c Dr $5,800 ($37,300 - $31,500)

To Retained earning $5,800

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $1,300

To Dividend A/c $1,300

(Being dividend account is closed)