The adjusted trial balance for china tea company at december 31, 2021 is presented below: accounts debit credit cash $ 16,000 accounts receivable 152,000 prepaid rent 10,000 supplies 32,000 equipment 330,000 accumulated depreciation $ 128,000 accounts payable 12,000 salaries payable 3,300 interest payable 1,600 notes payable - due in two years 21,000 common stock 200,000 retained earnings 102,600 dividends 28,000 service revenue 450,000 salaries expense 182,000 advertising expense 75,000 rent expense 16,000 depreciation expense 40,000 interest expense 2,500 utilities expense 35,000 totals $ 918,500 $ 918,500 prepare the closing entries for china tea company for the year ended december 31, 2021. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Service revenue 450,000  debit

      Income Summary        450,000 credit

-- to close revenues account--

Income summary 350,500 debit

Salaries expense        182,000 credit

Advertising expense    75,000 credit

Rent expense                16,000 credit

Depreciation expense 40,000 credit

Interest expense            2,500 credit

Utilities expense          35,000 credit

-- to close expenses account--

income summary 28,000 debit

           dividends                28,000 credit

--- to close dividends ---

income summary 71,500 debit

    retained earnings 71,500 credit

-- to close income summary account --

Explanation:

to close the accounting period we will leave the temporary accounts which are, revenues and expenses to zero using income summary account.

Once this is done, we calcualte the income summary balance

and close it agans retained earnings:

450,000 - 350,500 - 28,000 = 71,500

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