M3-28. Preparing Closing Entries Using Journal Entries and T-Accounts The adjusted trial balance at December 31, 2018, for Smith Company includes the following se- lected accounts.

Adjusted Account Balances Commissions revenue ......................................... . Wages expense ..•....•.••.......•.••.•.••.•••••.•..•.•.••.... Insurance expense ...•...••.......•.•.••.•..•••••.•..•.•.•..... Utilities expense .......•.••.......••••.•.....••.•......•.•••... Depreciation expense ...•.••.......••••.•.••.•••••.•..•.•.•••... Retained earnings ............................................ .

a. Prepare entries to close these accounts in journal entry form. Debit Credit $84,900 $36,000 1,900 8,200 9,800 72,100

b. Set up T-accounts for each of these 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?