Murphy Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable Supplies $22,630 17,720 9,150 41,700 Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock $8,800 4,310 1,500 35,590 21,600 Retained Earnings Dividends 14,000 Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total 45,900 6,400 5,400 7,900 5,600 $124,100 S124,100 The president of Murphy Company has asked you to close the books (prepare and process the closi Required: Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total 6,400 5,400 7,900 5,600 $124,100 $124,100 The president of Murphy 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 Retained Earnings account? During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closingS 33,400 entry (i.e., after revenue and expense accounts have been closed to Income Summary)? What is the balance in the dividends account