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Journalizing closing entries
Rodney RV Center's accounting records include the following accounts at December 31, 2018.
Learning Objective 4
Cost of Goods Sold-372,000
Accounts Payable-16,000
Rent Expense-26,000
Building -113,000
Common Stock- 115,000
Retained Earnings- 83,100
Merchandise Inventory-239,600
Notes Receivable- 34,000
Accumulated Depreciation-Building $ 38,000
Cash- 47,000
Sales Revenue- 636,500
Depreciation Expense-Building 13,000
Dividends- 58,000
Interest Revenue 14,000
Requirements
Problem 1. Journalize the required closing entries for Rodney.
Problem 2. Determine the ending balance in the Retained Earnings account.
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