Oulette publishing company has the given selected account

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Reference no: EM13451949

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.

Reference no: EM13451949

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