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 $28,200 Accounts Payable 7,910 Salaries Payable 11,700 Cash 42,500 Dividends 4,900 Operating Expense 2,880 Prepaid Rent 3,400 Rent Expense 7,000 Retained Earnings 1/1/2016 20,300 Salaries Expense 32,600 Service Revenue 80,500 Supplies 320 Supplies Expense 2,100 Common Stock 21,900 Unearned Revenue 6,510 Land 14,900Required:a. Prepare the journal entries necessary to close the temporary accounts at December 31, 2016, for Zone Health Club. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)b. What is the balance in the Retained Earnings account after the closing entries are posted?

(a) The journal entries are as follows:

(i) Service revenue A/c Dr. $80,500

             To retained earnings          $80,500

(To record the service revenue)

(ii) Retained Earnings A/c Dr. $44,580

              To Operating Expenses          $2,880    

              To Rent expenses                   $7,000

              To Salaries expenses             $32,600

              To Supplies expenses            $2,100

(To record the expenses)

(iii) Retained earnings A/c Dr. $4,900

            To dividends                            $4,900

(To record the dividends)

(b) Balance in the Retained Earnings account after the closing entries are posted:

= Beginning Retained Earnings + Revenue - Expenses - Dividends

= $20,300 + $80,500 - $44,580 - $4,900

= $51,320

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