Lloyd Bookstore shows the following dividends, revenue, and expense account balances on December 31 before closing:
| Debit | Credit | |
| Dividends | $250 | |
| Sales Revenue | $2,200 | |
| Cost of Goods Sold | 1,350 | |
| Gain on Sale of Land | 300 | |
| Salaries Expense | 300 | |
| Utilities Expense | 130 | |
| Miscellaneous Expenses | 120 | |
| Income Tax Expense | 180 |
Required:
| Prepare closing entries. |
