Debit Adjusted Trial Balance Income Statement Debit Account Title Credit Credit Cash 48,000 Accounts Receivable 18,000 Supplies 6,000 Equipment 57,000 Accumulated Depr 18,000 Accounts Payable 25,000 Wages Payable 6,000 Common Stock 30,000 Retained Earnings 3,000 Dividends 3,000 Fees Earned 155,000 155,000 Wages Expense 63,000 63,000 Rent Expense 27,000 27,000 Depreciation Expense 15,000 15,000 Totals 237,000 237,000 105,000 155,000 Net Income (Loss) 50,000 155,000 155,000 The effect of closing revenues and expenses to retained Earnings will be to Balance Sheet Debit Credit 48,000 18,000 6,000 57,000 18,000 25,000 6,000 30,000 3,000 3,000 132,000 82,000 50,000 132,000 132,000 Net Income (Loss) 50,00 155,00 The effect of closing revenues and expenses to Retained Earnings will be to: a. increase Retained Earnings by $237,000 b. increase Retained Earnings by $50,000 c. decrease Retained Earnings by $237,000 d. decrease Retained Earnings by $50,000