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Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Com- pany, Consultant, contains the following revenue and expense accounts:

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Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Com- pany, Consultant, contains the following revenue and expense accounts: E3-5. Credit $80,500 Debit Service fees earned. . . . Salaries expense . .52,000 Retained earnings Dividends 72,000 . . 10,000 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

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