Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit $81,700 Service Fees Earned Rent Expense Salaries Expense Supplies Expense Depreciation Expense Retained Earnings Dividends $22,200 47,100 7,000 11,600 68,400 10,400 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description $ Debit Date Dec.31 Credit 0 $ 0 0 0 To close the revenue account. Dec.31 0 0 0 0 Rent Expense Salaries Expense Supplies Expense 0 0 0 0 0 0 To close the expense accounts Dec.31 0 0 0 0 To close dividends account. Balance in Retained Earnings at December 31 $ 0