Prepare Closing Entries for December from the Following Income Statement $\quad$

Essay

Prepare closing entries for December from the following Income Statement columns of the work sheet of Custom Cleaning Service,Inc.,assuming that a $500 dividend was paid during the period (omit explanations).
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text {Income Statement }$
$\begin{array}{|l|r|r|}\hline&\text { Debit }& \text { Credit }\\ \hline \text { Cleaning Revenue } & & 2,600 \\\hline \text { Wages Expense } & 1,200 & \\\hline \text { Rent Expense } & 400 & \\\hline \text { Supplies Expense } & 300 & \\\hline \text { Income Taxes Expense } & 40 & \\\hline & 1,940 & 2,600 \\ \text { Net Income } & 660 & \\\hline & 2,600 & 2,600 \\\hline \end{array}$