Account name Cash Accounts receivable Office supplies Yellow Submarine Services, Inc. Adjusted Trial Balance December 31 Submarines Accumulated depreciation-Submarines Accounts payable Retained Earnings Dividends Declared Fees earned Rent expense Office supplies expense Utilities expense Depreciation Expense-Submarines Salary expense Fuel expense Totals: Debit Credit $ 25,000 13,000 1,700 120,000 $43,000 31,300 71,900 40,000 132,000 11,000 2,000 2,500 15,000 40,000 8,000 $278.200 $278.200 Closing Entries Yellow Submarine Services, Inc Yellow Submarine Services, Inc. has hired you as their senior accountant. The company must complete year-end accounting functions in order to begin recording its business transactions for the new accounting period. Prepare the year-end closing entries. New balance in the Yellow Submarine's Retained Earnings account at the end of the accounting period is: