The co-op student working at Morneau Equipment Inc. prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances. (Click the icon fr the adjusted trial balance.) Required: 1. Prepare the appropriate closing entries for the January 31 year end. 2. What is the balance in the Retained Earnings account after the closing entries have been completed? Salaries Expense 199,000 Other Expenses 35,400 Prepare the closing entry for net income to retained earnings. Journal Entry Date Accounts Debit Credit Jan. 31 Choose from any list or enter any number in the input fields and then click Check Answer. 0 Adjusted trial balance X Account Amount Account Amount $ 56,000 Other Expenses $ 35,400 Accounts Receivable Accumulated Amortization 14,000 Retained Earnings 78,400 Amortization Expense 1,800 199,000 Salaries Expense Salaries Payable Cash 122,000 3,400 50,000 Service Revenue 356,400 Common Shares Compute & Equipment 74,800 5,600 Supplies Unearned Revenues Interest Expense 5,400 18,800 5,800 Interest Revenue Print Done