Oulette Publishing Company has the following selected account balances at June 30, 2012.

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 yourcalculations.

Transcribed Image Text:

$ 112,000 Common stock, no par with $0.50 Inventory Machincry and equipment stated valuc, 900 shares 108,000 authorized and issued 450 Dividends 8,000 9,000 Accumulated depreciation 19,000 Salary expense 5,000 Retained ecarnings, June 30, 2011 81,000 Salcs revenue Depreciation expense 61,000 Rent expense Utilities expense 85,000 114,000 240,000 Cost of goods sold