Prepare Closing Entries for December from the Following Income Statement

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).

$\begin{array} { | l | r | r | } \hline & { \text { Income Statement } } \\\hline & { \text { Debit } } &{ \text { Credit } } \\\hline \text { Cleaning Revenue } & & 2,600 \\\hline \text { Wages Expense } & 1,200 & \\\hline \text { Rent Expense } & 400 & \\\hline \text { Supplies Expense } & 300 & \\\hline \text { Income Taxes Expense } & 40 & \\\hline & 1,940 & 2,600 \\\text { Net Income } & 660 & \\\hline & 2,600 & 2,600 \\\hline\end{array}$