Closing Entries Use the information provided in E3-5A to prepare journal entries to close the accounts using the Income Summary account. After these entries are posted, what is the balance in the Retained Earnings account?

Exercise E3-5A

The adjusted trial balance prepared as of December 31, for Phyllis Howell \& Company, Consultant, contains the following revenue and expense accounts:

Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account?

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Debit Credit $91,000 Service fees earned. $20,800 Rent expense. Salaries expense Supplies expense. Depreciation expense. Retained earnings Dividends.. 52,000 6,000 11,300 72,000 10,000