Post the closing entries. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings No.301 Date Explanation Ref Debit Credit Balance Jan. 31 Balance √ 2120 Dec. 31 Closing entry J14 5100 7220 Dec. 31 Closing entry J14 6400 820 Dividends No.306 Date Explanation Ref Debit Credit Balance Dec. 31 Balance √ 6400 6400 Dec. 31 Closing entry J14 6400 Income Summary No.350 Date Explanation Ref Debit Credit Balance Dec. 31 Closing entry J14 62300 62300 Dec. 31 Closing entry J14 50800 11500 Dec. 31 Closing entry J14 11500 23000 Service Revenue No.400 Date Explanation Ref Debit Credit Balance Dec. 31 Balance √ 62300 Dec. 31 Closing entry J14 62300 Advertising Expense No.610 Date Explanation Ref Debit Credit Balance Dec. 31 Balance √ 8700 Dec. 31 Closing entry J14 Supplies Expense No.631 Date Explanation Ref Debit Credit Balance Dec. 31 Balance √ 4200 Dec. 31 Closing entry J14 Depreciation Expense No.711 Date Explanation Ref Debit Credit Balance Dec. 31 Balance √ 5800 Dec. 31 Closing entry J14 Insurance Expense No.722 Date Explanation Ref Debit Credit Balance Dec. 31 Balance √ 3100 Dec. 31 Closing entry J14 Salaries and Wages Expense No.726 Date Explanation Ref Debit Credit Balance Dec. 31 Balance √ 28500 Dec. 31 Closing entry J14 Interest Expense No.905 Date Explanation Ref Debit Credit Balance Dec. 31 Balance √ 500 Dec. 31 Closing entry J14