Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax Payable 8,800 Totals $166,900 $166,900 Required a. Prepare closing entries directly to Retained Earnings in general journal form. b. After the closing entries are posted, what is the ending balance in the Retained Earnings account? Required a. Prepare closing entries directly to Retained Earnings in general journal form. b. After the closing entries are posted, what is the ending balance in the Retained Earnings at C. Prepare a post-closing trial balance as of December 31. Debit Credit 4200 4200 74800 General Journal Date Description Dec 31 Miscellaneous Income Income Summary To close the Revenue accounts. 31 Income Summary Salaries Expense Rent Expense Insurance Expense Depreciation Expense - Equipment Income Tax Expense To close the expense accounts. 31 Retained Earnings Dividends To close the dividends account. 42800 13400 1800 8000 8800 5000 5000 b. Balance in Retained Earnings at December 31 $ 9100 b. Balance in Retained Earnings at December 31 $ 9100 Credit BAYOU, INC. Post-Closing Trial Balance December 31 Debit Cash Accounts Receivable Prepaid Insurance Office Equipment Accum. Depreciation. - Equipment Accounts Payable Income Tax Payable Common Stock Retained Earnings Totals