Account Tities Cash Accounts Receivable Supplies Equioment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Totai Debit $22,900 17,610 7,950 36,200 $9,100 3,140 1,970 25,550 23,800 16,500 52,200 5,100 5,300 8,400 6,000$120,860 Credit The president of Sanchez Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: What is the balance in the utilities expense account? What is the balance in the Retained Earnings account? During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)? s 5 $120,860