The Income Statement columns of the work sheet prepared for Jolly Auto Service, Inc. at current year-end are shown below. In addition, Retained Earnings had a credit balance of $235,000 and Dividends had a debit balance of $40,000 at year end. Prepare closing journal entries for this company. 
Definitions:
Present Value
The contemporary valuation of an anticipated sum of money or cash flow sequence, based on a given return rate.
Interest Rate
The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.
Net Present Value
The difference between the present value of cash inflows and the present value of cash outflows over a period of time.
Interest Rate
The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the outstanding loan.
Q13: Explain the purpose of adjusting entries at
Q43: Adjusting entries are made after the preparation
Q56: Jason Hope decided to open a hotel,
Q76: Larry Bar opened a frame shop and
Q83: Under the gross method, if companies using
Q90: If the January 1 balance in the
Q98: A debit:<br>A)Always increases an account.<br>B)Is the right-hand
Q152: Which of the following statements about a
Q214: If a company sells merchandise with credit
Q215: Prior to recording adjusting entries, the Office