Rockwall RV Centers accounting records include the following accounts at December 31, 2016.
Cost of Goods Sold............$ 368,000
Accounts Payable............ 20,000
Rent Expense............... 23,000
Building................ 115,000
Common Stock............ 132,000
Retained Earnings............ 46,400
Merchandise Inventory......... 238,400
Sales Returns and Allowances ......... 40,000
Notes Receivable............ 37,000
Accumulated Depreciation—Building ....... $40,000
Cash................... 54,000
Sales Revenue................. 710,000
Depreciation Expense—Building........ 16,000
Dividends................. 55,000
Sales Discounts............ 6,000
Interest Revenue............ 4,000
Requirements
1. Journalize the required closing entries for Rockwall.
2. Determine the ending balance in the Retained Earnings account.