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Excalibur Corporation sells video games for personal computers. The unadjusted trial balance as of December 31, 2024, appears below. December 31 is the company's reporting year-end. The company uses the perpetual inventory system.

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EXCALIBUR CORPORATION Income Statement For the Year Ended December 31, 2024 Balance Sheet At December 31, 2024 Assets Current assets: 1 Record the entry to close the revenue accounts using retained earnings. 2 Record the entry to close the expense accounts using retained earnings. Record the entry to close the dividends account. Information necessary to prepare the year-end adjusting entries appears below 1. The office equipment was purchased in 2022 and is being depreciated using the straight-line method over a ten-year useful tife with no residual value. 2 Accrued salaries at year-end should be $4,500 3. The company borrowed $30,000 on September 1,2024 . The principal is due to be repaid in 10 years. Interest is payable twice a year on eachi August 31 and February 28 at an annual rate of 10%. 4. The company debits supplies when supplies are purchased. Supplies on hand at year-end cost $500 5. Prepaid rent expired during the period is $13,000. Cash dividends paid to shareholders during the year amounted to $6,000

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