Lesson 5 Completing the Accounting Cycle Exercise Closing entries An adjusted trial balance for Mariposo, Inc., at December 31 appears below. MARIPOSO, INC. Adjusted Trial Balance December 31, 2004 Debit Credit Cash $ 78,000 Accounts receivable 126,000 Office equipment 250,000 Accumulated depreciation: office equipment $ 50,000 Accounts payable 76,000 Income taxes payable 74,000 Capital stock 125,000 Retained earnings 90,000 Dividends 72,000 Sales commissions earned 622,000 Advertising expense 83,000 Rent expense 90,000 Salaries expense 163,000 Utilities expense 76,000 Depreciation expense: office equipment 25,000 Income taxes expense 74,000 $1,037,000 $1,037,000 Required: Prepare journal entries to close the accounts. Use four entries to: (1) close the revenue account, (2) close the expense accounts, (3) close the Income Summary account, and (4) close the Dividends account.