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 $80,900 Service Fees Earned Rent Expense Salaries Expense Supplies Expense Depreciation Expense Retained Earnings Dividends $21,400 46,300 6,200 10,800 67,600 9,600 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 Credit Date Dec 31 To close the revenue account Dec. 31 Rent Expense Salaries Expense Supplies Expense To close the expense accounts. Dec.31 To close dividends account. Balance in Retained Earnings at December 31 $ General Journal Description Date Debit Credit Dec.31 To close the revenue account. Dec.31 Rent Expense Salaries Expense Supplies Expense To close the expense accounts. Dec.3 Depreciation Expense Dividends Rent Expense Retained Earnings Salaries Expense Service Fees Earned Supplies Expense Balan December 31 $