Prepare Closing Entries to Retained Earnings The Decade Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $8,500; Dividends $2,000; Sales $22,000; Cost of Goods Sold $8,000; Selling and Administrative Expenses $3,000; Interest Expense $1,500. Prepare the closing entries for The Decade Company. Close the temporary accounts straight to retained earnings. The balance of $8,500 in the retained earnings account is from the beginning of the year. What is the ending retained earnings balance after posting the closing entries? General Journal Description Debit Credit 0 0 0 0 To close the revenue account. 0 0 Cost of goods sold 0 0 Selling and administrative expense 0 0 0 0 To close the expense accounts. 0 0 OO 0 0 To close the dividends account.