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?
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