0 Data Table Cash Common Stock Retained Earnings Dividends Accounts Receivable Prepaid Rent Office Supplies Equipment 4,000 3,200 1,900 3,000 34,800 1,600 5,400 7,000 20,000 15,700 2,100 1,600 300 Service Revenue Accumulated Depreciation Equipment 800 Depreciation Expense-Equipment Salaries Expense Rent Expense Utilities Expense Accounts Payable Notes Payable (long-term) 500 600 100 Supplies Expense Print Done Benson Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances. (Click the icon to view the account balances.) 14. Prepare the closing entries for Benson at December 31. 15. What is the balance of Retained Earnings after closing entries have been recorded? (Use a T-account to determine the balance.) 14. Prepare the closing entries for Benson at December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First we will close the Service Revenue account. Date Accounts and Explanation Debit Credit Clos. (1)