Hughes Company had the following adjusted trial balance: 1 Debit Credit Account Titles Cash $24,400 Accounts Receivable 16,280 Supplies 9,680 37,700 $8,400 Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock 4,730 2,250 12,180 23,800 14,800 64,500 7,500 Retained Earnings Dividends Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total 6,700 8,300 5,500 $123,360 $123,360 The president of Hughes 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: $ During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i.e., after revenue and expense accounts have been closed to Income Summary)? What is the balance in the commission revenue account? What is the balance in the Retained Earnings account? $ $ X 5