Hamilton Realty Company, Inc.'s income statement accounts at the end of its fiscal year, December 31, follow. Hamilton paid dividends of $5,000 during the year. Prepare the required closing entries.
| Account name |
Debit |
Credit |
| Commission Revenue |
|
$25,620 |
| Wages Expense |
$8,110 |
|
| Rent Expense |
1,200 |
|
| Supplies Expense |
4,260 |
|
| Insurance Expense |
915 |
|
| Depreciation Expense - Office Equipment |
1,345 |
|
| Total Expenses |
|
15,830 |
| Net Income |
|
mce_markernbsp; 9,790
|