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, 2016
Accounts Receivable
$12450.00
Accounts Payable
6200.00
Salaries Payable
3150.00
Cash
36750.00
Dividends
2000.00
Operating Expenses
35300.00
Prepaid Rent
1200.00
Rent Expense
8400.00
Retained Earnings 1/1/2016
41250.00
Salaries Expense
14500.00
Service Revenue
65400.00
Supplies
650.00
Supplies Expense
3150.00
Common Stock
7000.00
Unearned Revenue
6400.00
Land
15000.00
Prepare the journal entries necessary to close the temporary accounts at December 31, 2016 for Zone Health Club.
What is the balance in the Retained Earnings account after the closing entries are posted?
