E3-37. Preparing Closing Procedures The adjusted trial balance of Parker Corporation. prepared December 31. 2018. contains the following selected accounts. Adjusted Account Balances Service fees revenue .......................................... . Interest income ............................................... . Salaries expense ............................................. . Advertising expense ........................................... . Depreciation expense ...•.••.......••••.•.••.•••••.•..•.•.•••... Income tax expense ..•.•.••.......•.••.•.••.•••••.•.••.•.••.... Retained earnings ............................................ .

a. Prepare entries to close these accounts in journul entry form. Debit $41,800 4,300 8,700 9,900 Credit $92,500 2,200 42,700

b. Set up T-accounts for each of the ledger accounts. enter the balances above. and post the closing entries to them. After these entries are posted, what is the post-closing balance of the Retained Earnings account?