Please answer the following questions

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Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell&Company, Consultant, contains the following revenue and expense accounts: Debit Credit Service Fees Earned Rent Expense Salaries Expense Supplies Expense Depreciation Expense Retained Earnings Dividends $80,500 $20,800 52,000 5,600 11,300 72,000 10,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account