Closing Entries The adjusted trial balance prepared as of December 31 contains the following accounts. Use the information provided below to prepare journal entries to close the accounts using the Income Summary account. After these entries are posted, what is the balance in the Retained Earnings account? Service Fees Earned Rent Expense Debit Credit 391,000 $20,000 Salaries Expense Supples Expense Betained Earnings Dividends $2,000 6.000 Depreciation Expense $11,300 $22.000 General Journal Date Description Debit Credit Dec 31 Service Fees Earned $1.000 91.000 Income Summary To the the revenue w Dec.31 Income Summary 78800 Nent Exper 20.000 2000- Supplies Experne 00 6,000 Deprecaton Expense 11,300 To close the expettie atmunds Der 31 Retained ing 10,000 w Service fees fared 10000w Dec 31 Hetanedamnings 50.000 10 0W 10.000 Didends To dese mides account Balance in Metamed Eamings at December 315 0 x Closing Entries The adjusted trial balance prepared as of December 31 contains the following accounts. Use the information provided below to prepare journal entries to close the accounts using the Income Summary account, After these entries are posted, what is the balance in the Retained Earnings account? Debit Credit $91,000 Bent Expense $20,800 Salaries Expense 52.000 Supplies Expense 6.000 Depreciation Expense $11,300 Rated Earnings $72.000 $10,000 General Journal Date Description Debit Credit Dec.31 Service Fees Earned $ 91,000 $ 0 Income Summary 0 91,000 To close the revenue account. Dec.31 Income Summary 78,800 x 0 Rent Expense 0 20,800 Salaries Expense 0 v 52,000 Supplies Expense 0 6,000 Depreciation Expense 0 11,300 To close the expense accounts. Dec.31 Retained Earnings 10,000 x 0 Service Fees Earned 04 10,000 x To close income summary. Dec. 31 Retained Earnings Dividends To close dividends account. + 4 10,000 0 0 M 10,000 Balance in Retained Earnings at December 31 $ 0 Check X Service Fees Earned Debit Credit $91,000 Rent Expense $20,800 Salaries Expense 52,000 Supplies Expense 6,000 Depreciation Expense $11,300 Retained Earnings $72,000 Dividends $10,000