Oulette Publishing Company has the following selected account balances atJune 30, 2012.
Inventory $ 112,000Common stock, no par with $0.50
Machinery and equipment 108,000stated value, 900 shares
Dividends 8,000authorized and issued 450
Depreciation expense 9,000Accumulated depreciation 61,000
Rent expense 19,000Salary expense 85,000
Utilities expense 5,000Retained earnings, June 30, 2011 114,000
Cost of goods sold 81,000Sales revenue 240,000
Requirements:
1. Journalize all required closing entries for the year.
2. Calculate the balance in Retained earnings at June 30, 2012. Use a T-account to show your calculations.