Ross Company had the following adjusted trial balance:
Additional Resources
| Account Titles | | Debit | | | Credit | |
| Cash | | $25,580 | | | | |
| Accounts Receivable | | 18,500 | | | | |
| Supplies | | 9,800 | | | | |
| Equipment | | 35,100 | | | | |
| Accumulated Depreciation | | | | | $9,800 | |
| Accounts Payable | | | | | 4,530 | |
| Deferred Rent Revenue | | | | | 1,540 | |
| Capital Stock | | | | | 21,510 | |
| Retained Earnings | | | | | 22,400 | |
| Dividends | | 13,600 | | | | |
| Commission Revenue | | | | | 56,800 | |
| Rent Revenue | | | | | 5,500 | |
| Depreciation Expense | | 5,900 | | | | |
| Utilities Expense | | 8,500 | | | | |
| Supplies Expense | | 5,100 | | | | |
| Total | | $122,080 | | | $122,080 | |
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The president of Ross Company has asked you to close the books(prepare and process the closing entries).
Required:
After the closing process has been completed, answer thefollowing questions:
| What is the balance in theRetained Earnings account? | | $ | | | What is the balance in theutilities expense account? | | $ | | | During the closing process, whatamount was transferred from the income summary account to theRetained Earnings account in the third closing entry (i.e., afterrevenue and expense accounts have been closed to IncomeSummary)? | | $ | |
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