A business had the following account balances on December 31, 2020 after all the year-end adjusting entries were posted. All accounts have normal balances. Accounts Balances Prepaid expenses 2,700 Accumulated depreciation Equipment 46,300 Cash 3,800 Dividends 31,600 Equipment 77,600 Deferred revenue 2,500 Notes payable 25,300 Maintenance expense 35,900 9,500 Accounts receivable 12,500 93,900 Depreciation expense Salaries expense Service revenue Retained earnings 101,100 107,300 Part A: select the correct response When the closing entry is prepared for the Income Summary Account, the Retained Earnings account will be: Part B: select the correct response After the closing entries are prepared, the post closing balance of Retained Earnings will be: Retained earnings 107,300 Part A: select the correct response When the closing entry is prepared for the income Summary Account, the Retained Earnings account will be De sponse debited for $37,500 prepared, the post closing balance of Retained Earnings will be: credited for $28,700 credited for $37,500 credited for $41,200 debited for $28,700 debited for $41,200 Next page age 93,900 Salaries expense Service revenue Retained earnings 101,100 107,300 Part A: select the correct response When the closing entry is prepared for the income Summary Account, the Retained Earnings account will be Part B: select the correct response After the closing entries are prepared the post closing balance of Retained Earnings will be $91,900 $34,500 $107,300 69,800 $59,500 age Next page