Hi, I am very confused on how to find the retained earnings on Dec 31 and how to calculate the ending balance of retained earnings. Explanations would be great. Thank you in advance.

Seminoles Corporation's fiscal year-end is December 31, 2018. The following is a partial adjusted trial balance as of December 31 Debit Credit $25,000 Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense $2,500 45,000 5,500 14,500 5,500 2,500 10,500 4,500 Required 1. Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct Debit 45,000 5,500 No Date General Journal Credit December 31, 2018 Interest revenue Retained earnings 50,500 December 31 2018 42,500 Rent expense Advertising expense Depreciation expense nterest expense Salaries expense 5,500 2,500 10,500 4,500 14,500 2,500 2018 Dividends 2,500