The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,560, Salaries and Wages Expense $9,600, Maintenance and Repairs Expense $4,420, and Income Tax Expense $1,340. The statement of retained earnings shows an opening balance for Retained Earnings of $20,650 and Dividends $1,770.

What is the ending balance in Retained Earnings?

Ending balance in Retained Earnings

Account Titles and Explanation Credit Date Debit July 31 Service Revenue 19560 Income Summary 19560 (To close revenue account) July 31 Income Summary Maintenance and Repairs Expense 4420 Income Tax Expense 1340 Salaries and Wages Expense 8620 (To close expense accounts) July 31 Income Summary Retained Earnings (To close net income/(loss) to retained earnings) July 31 Retained Earnings 1770 Dividends 1770 (To close dividends to retained earnings)