The following financial information was taken from the

books of
The following financial information was taken from the books of Serenity Spa:Account Balances
as of December 31, 2016Accounts Receivable ....... $ 54,000Accounts Payable ........
15,000Advertising Expense ....... 7,000Cash .............. 80,600Common Stock ........
40,000Dividends ........... 10,000Land ............ 27,000Prepaid Rent .......... 6,400Rent Expense
.......... 15,600Retained Earnings 1/1/2016 .... 38,800Salaries Expense ......... 64,000Salaries
Payable ......... 23,600Service Revenue ......... 153,000Supplies ............ 800Supplies Expense
......... 5,000Requireda. Prepare the journal entries necessary to close the temporary accounts
December 31, 2016, for Serenity Spa.b. What is the balance in the Retained Earnings account
after the closing entries are posted?View Solution: The following financial information was taken
from the books of
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