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Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31,...

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Accounting

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Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31, contains the following accounts: Debit Credit $87,500 2,600 Service fees earned Interest income Salaries expense Advertising expense Depreciation expense Income tax expense Common stock Retained earnings Cash dividends $41,800 6,300 8,700 11,000 75,000 60,000 15,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the ending balance in the Retained Earnings account? General Journal Date Description Dec.31 Service Fees Earned Debit Credit To close the revenue accounts. Dec.31 Salaries Expense Advertising Expense Depreciation Expense To close expense accounts. Dec.31 To close the Dividends account. Balance in Retained Earnings at December 31 $ 0

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