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The following financial information was taken from the books of Zone Health Club, a small spa and fitness club:
Account Balances as of December 31, Year 2
Accounts receivable $29,500
Accounts payable 7,030
Salaries payable 11,800
Cash 43,500
Dividends 5,400
Operating expense 2,440
Prepaid rent 3,800
Rent expense 7,000
Retained earnings, Beginning 19,300
Salaries expense 31,100
Service revenue 84,700
Supplies 400
Supplies expense 2,870
Common stock 18,500
Unearned revenue 7,100
Land 14,300
Required
Problem a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club.
Problem b. What is the balance in the Retained Earnings account after the closing entries are posted?
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