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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
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 $90,300 $30,800 Rent Expense Salaries Expense $55,700 Supplies Expense $15,600 Depreciation Expense $20,200 Retained Earnings $77,000 Dividends $19,000
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