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
Service fees earned		$80,500
Rent expense	$20,800
Salaries expense	52,000
Supplies expense	5,600
Depreciation expense	11,300
Retained earnings		72,000
Dividends	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?