Given the following adjusted trial balance:
debit credit
cash $931
accounts receivable 1175
inventory 1749
prepaid rent 48
equipment
170
accumulated depreciation-equipment
$29
accounts payable 46
unearned service revenue
68
common stock 120
retained earnings 3700
service revenue 206
interest revenue 31
salaries and wages expense
90
travel expense 37
total $4200 $4200
after closing entries have been posted, the balance in retained earnings will be:

The balance in retained earnings will be $3,810

Explanation:

For computing the ending balance of the retained earning, first, we have to compute the net income

So, the net income would be equal to

= Service revenue + interest revenue - Salaries and wages expense - Travel expense

= $206 + $31 - $90 - $37

= $110

Now we can find out the ending balance of retained earnings. It is shown below:

= Beginning retained earning balance + net income - dividend paid

= $3,700 + $110 - $0

= $3,810

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