Building on its brand's success in boardsports, Volcom, Inc., has become a premium designer, marketer, and distributor of clothing and accessories for young men and women. The following is a list of accounts and amounts reported for the fiscal year ended December 31, 2010. The accounts have normal debit or credit balances and the dollars are rounded to the nearest thousand.

Required:
1. Prepare an adjusted trial balance at December 31, 2010. Is the Retained Earnings balance of $99,911 the amount that would be reported on the balance sheet as of December 31, 2010?
2. Prepare the closing entry required at December 31, 2010.
3. Prepare a post-closing trial balance at December 31, 2010.

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Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation $ 22,902 Long-term Debt Other Noncurrent Assets Other Revenue Product Cost Expense Property and Equipment Retained Earnings Sales Revenue Selling, General, and $ 1,518 42,616 4,244 164,161 48,148 99,911 321,414 16,181 21,496 80,300 94,757 Contributed Capital Income Tax Expense Inventories 41,449 Administrative Expenses 128,667