could you please answer ? I don't have too much credit to answer it Prepare the necessary closing entries on December 31 of the current year. (If no entry is required for a transaction/evejournal entry required" in the first account field.)Fick Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued thefollowing income statement as part of its annual report.NOT: retained eranings = net profit, dividends = withdrawalView transaction listFICK PSYCHOLOGICAL SERVICES, INC.Income StatementFor the year ended December 31, current yearRevenue:$ 500,000Journal entry worksheetCounseling revenueExpenses:Advertising expenseSalaries expense$ 2,70099,0001,800900く1234>Office suppliesUtilities expense.באזמאMalpractice insurance expenseOffice rent expenseexpense6,00025,0002,7504,0005,00035,000Record the entry to close expense accounts.Continuing education expenseDepreciation expense: fixturesMiscellaneous expenseIncome taxes expense182,150Note: Enter debits before credits.Net income$ 317,850TransactionGeneral JournalDebitCredit2Fick's statement of retained earnings indicates that a $7,000 cash dividend was declared and paid during the current year.a. Prepare the necessary closing entries on December 31 of the current year.b. If Fick's Retained earnings account had a $92,000 balance on at the beginning of the current year, at what amount should RetainedEarnings be reported in the firm's year-end balance sheet dated December 31?Complete this question by entering your answers in the tabs below.Required ARequired BIf Fick's Retained earnings account had a $92,000 balance on at the beginning of the current year, at what amount shouldRetained Earnings be reported in the firm's year-end balance sheet dated December 31?Retained earnings, December 31, current yearQ AraRecord entryClear entryView general journalAraRequired ARequired BComplete this question by entering your answers in the tabs below.Required ARequired BPrepare the necessary closing entries on December 31 of the current year. (If no entry is required for a transaction/event, select "Nojournal entry required"the first account field.)Prepare the necessary closing entries on December 31 of the current year. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field.)Required ARequired BView transaction listView transaction listPrepare the necessary closing entries on December 31 of the current year. (If no entry is required for a transaction/event,:journal entry required" in the first account field.)Journal entry worksheetJournal entry worksheetView transaction list< 1 23>4< 1>34Record the entry to close dividends.Journal entry worksheetRecord the transfer of Net income/loss.く234>Note: Enter debits before credits.Record the entry to close the revenue account.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditTransactionGeneral JournalDebitCreditNote: Enter debits before credits.TransactionGeneral JournalDebitCredit1Record entryClear entryView general journalRecord entryClear entryView general journal

Journal is a place where journal entries are recorded in the book keeping system before ledger…

folowing income statement as part of its annual repor. NOT: retained eranings net profit, dividendswithdrawal FICK PSYCHOLOGat CES, INC. View transaction list t Incone Statenent For the year ended Decenber 31, current year Revenue Counseling revenue Expenses s se0, 000 Journal entry worksheet : Advertising expense C ISEng Salaries expense $ 2,70 99,000 1 2 > oftice supplies expense 1 Utitities expense Malpractice insurance expense 6.000 25,000 2,758 4,000 5,00 35,e00 Record the entry to close expense accounts. office rent expense Continuing education expense Depreciation expense fixtures Miscellaneous expense Incone taxes expense 187, 150 Note: Enter debits before credts Net income Transaction General Journal Debit Credit 2 Fick's statement of retained earnings indicates that a $7.000 cash dividend was declared and paid during the current year. a Prepare the necessary closing entries on December 31 of the curent year. b.f Fick's Retained earnings account had a $92.000 balance on at the beginning of the current year, at what amount should Retained Earnings be reported in the firm's year end balance sheet dated December 31? Complete this question by entering your answers in the tabs below. Required A Required Fic's Retained earnings account had a s2,000 balance on at the beginning of the current year, at what amount should Retained Earmings be reported in the firm's year-end balance sheet dated December 317 Retained eamings. December 31, curent year - Q Q ® Q Ara Record entry Clear entry View general jeurnal Q Ara Required A Required 8 Complete this question by entering your answers in the tabs below. Required A Reured Prepare the necessary closing entries on December 31 of the current year. (f no entry is required for a transaction/event, select "No journal entry required" in the frat account fed) Prepare the necessary dosing entries on December 31 of the cument year. no entry is required for a transaction/event joumal entry required in the first account feld.) Regured a Required View ansaction le View tranaction t Prepare the necessary closing entries on December 31 of the current year. (f no entry is required for a transaction/event, journal entry required in the first account field.) Journal entry worksheet Journal entry worksheet View transaction lit 2 > Record the entry to close dividends. Journal entry worksheet Record the transfer of Net incomeloss Note Eter debts befre ced Record the entry to cose the revenue account Nt Eter des etre General Jounal Deb Cred Transaction Debit Credit Transaction General Junal Debit Credit Note: Enter dits before credits Transaction General Journal Deb Cred Recerd entry Cleartry Vie penejurnal Record entry Carntry unel d