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could you explain how the balance in commission revenue acct is, and the balance in retained earnings? The three questions provided/ Account Titles Cash Accounts

could you explain how the balance in commission revenue acct is, and the balance in retained earnings? The three questions provided/

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Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total Lee Company had the following adjusted trial balance: Debit $26,530 18,480 7,660 36,200 16,500 6,3 00 9,500 5,400 $126,570 Credit $9,700 3,810 2,130 18,030 24,400 61,000 7,500 $126,570 The president of Lee Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: What is the balance in the commission $ E] revenue account? What is the balance in the Retained 3 E] Earnings account? During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing $ E] entry (i.e., after revenue and expense accounts have been closed to Income Summary)

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