Answer:
1) December 31, 2019, closing entry for revenue account
Dr Sales revenue 163,820
Cr Income statement 163,820
December 31, 2019, closing entry for expense accounts
Dr Income statement 128,773
Cr Salaries Expense 91,660
Cr Rent Expense 10,550
Cr Utilities Expense 8,415
Cr Supplies Expense 4,348
Cr Income Taxes Expense 13,800
December 31, 2019, closing entry for income statement account
Dr Income statement 35,047
Cr Retained earnings 35,047
December 31, 2019, closing entries for dividends account
Dr Retained earnings 8,400
Cr Dividends 8,400
2) Grand Rapids Consulting Inc.
Retained Earnings Statement
For the year ended December 31, 2019
Beginning balance January 1 ,2019 $28,900
Net profits <u>$35,047</u>
Sub-total $63,947
Dividends <u>($8,400)</u>
Ending balance December 31 ,2019 $55,547