Young Company had the following adjusted trial balance: Account Titles Debit Credit Cash $21,620 Accounts Receivable 16,750 Supplies 9.840 Equipment 37,900 Accumulated Depreciation $8,200 Accounts Payable Deferred Rent Revenue 3,440 1,650 Capital Stock 28,620 Retained Earnings 21,700 Dividends 17,000 Commission Revenue 54,400 Rent Revenue 7,100 Depreciation Expense 7,200 Utilities Expense 9,000 Supplies Expense 5,800 Total $125,110 $125,110 The president of Young Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: What is the balance in the utilities expense account? 50 During the closing process, what amount was transferred from the income Summary account to the Retained Earnings account in the third closing $0 entry (i.e., after revenue and expense accounts have been closed to Income Summary)? What is the balance in the Retained Earnings account? $0