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 Service Fees Earned $160,300 Rent Expense $88,000 Salaries Expense $25,700 Supplies Expense $5,600 Depreciation Expense $90,200 Retained Earnings Dividends $147,000 $89,000 General Journal Date Description Debit Credit Dec.31 Service Fees Earned 160300 $ 0 Income Summary 0 160300 To close the revenue account. Dec.31 Income Summary 209500 Rent Expense 0 88000 Salaries Expense 0 25700 Supplies Expense 0 5600 Depreciation Expense 0 90200 To close the expense accounts. Dec.31 Retained Earnings 49200 0 Income Summary 0 49200 To close income summary. Dec.31 Retained Earnings = 89000 0 Dividends 89000 To close dividends account. Balance in Retained Earnings at December 31 $ Check x