Seminoles Corporations fiscal year-end is December 31, 2015. The following is a partial adjusted trial balance as

Seminoles Corporation’s fiscal year-end is December 31, 2015. The following is a partial adjusted trial balance as of December 31.

Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of RetainedEarnings.

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Accounts Debit Credit $30,000 50,000 6,000 Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense $3,000 15,000 6,000 3,000 11,000 5,000