The income statement for the Larkspur, Inc. for the month ended July 31 shows Service Revenue $17,120, Salaries and Wages Expense $9,470, Maintenance and Repairs Expense $3,430, and Income Tax Expense $1,060. The statement of retained earnings shows an opening balance for Retained Earnings of $24,930 and Dividends $2,040.
Prepare closing journal entries.
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