010:203 Section 1 Financial Accounting (Fall 2019) Homework: Chapter 4 Save Score: 0 of 1 pt 8 of 9 (7 complete) HW Score: 77.44%, 6.9 E4-23 (book/static) Question Help McGregor Insurance Agency started the year with a beginning Retained Earnings balance of $27,500. During the year, McGregor Insurance Agency earned $34,000 of Service Revenue and incurred $23,500 of various expenses. Dividends of $12,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings? Post the beginning balance and closing entry amounts to the Retained Earnings account. Use a "Bal." posting reference to show the beginning and ending balance of the Retained Earnings account. Use a "Clos" posting reference to show the amounts that are posted while closing the books. The revenue and expense amounts should be combined into one closing entry for net income (like you are closing the Income Summary account) Retained Earnings Bal Clos Choose from any list or enter any number in the input fields and then click Check Answer All parts showing Clear All Check Answer pare the company's income statement for the year ended June 30, 2016. If a box is not use Erickson sal Income Statement Year Ended June 30, 2016 Revenues Service Revenue 48.500 Expenses 4.700 34.000 Salaries Expense 300 Supplies Expense 8.200 Interest Expense Utilities Expense 2.300 nse-Building 8.000 57.50 inswer CAUTION L LG