Balance in Retained Earnings at December 31, Year 7:$ Balance in Retained Earnings at December 31, Year 7:$

Chapter 3 Graded Assignment The adjusted trial balance of the Lilac Corporation contains the following information: Lilac Corporation Year: 7 Debits Credits Year Selection Prepare journal entries to close the accounts directly to Retained Earnings for Year 7 (Do not use the Income Summary account). After these entries are posted, what is the ending balance in the Retained Earnings account? General Journal. Year 7 Dec. 31 Dec. 31 Dec. 31 Description Service fees earned Cash dividends Interest income To close revenue accounts. Advertising expense Salaries expense Depreciation expense Income tax expense To close expense accounts. Common stock Retained earnings To close the dividends account. 128,700 12,000 Balance in Retained Earnings at December 31, Year 7 : $ 14800 51 ,250 8,000 18,000 66,560 0