Prepare journal entries to close the accounts directly

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The adjusted trial balance of the Rose Corporation, prepared as of December 31, contains the following accounts:

Closing Entries Interest income 3,900

Salaries expense $43,500

Advertising expense 6,000

Service fees earned $94,200

Depreciation expense $10,400

Income tax expense 11,600

Common stock 76,700

Retained earnings 59,400

Cash dividends 16,700

Problem 1: 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?

Reference no: EM132983770

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