Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31, contains the following accounts: Debit Credit Service fees earned $87,500 Interest income 2,600 Salaries expense $41,800 Advertising expense 6,300 Depreciation expense 8,700 Income tax expense 11,000 Common stock 75,000 Retained earnings 60,000 Cash dividends 15,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the ending balance in the Retained Earnings account? General Journal Date Description Dec.31 Service Fees Earned Debit Credit 0 $ 0 0 0 0 0 To close the revenue accounts. Dec.31 Salaries Expense Advertising Expense Depreciation Expense To close expense accounts. Dec.31 To close the Dividends account. Balance in Retained Earnings at December 31 $ 0