The accounts of For You eTravel Inc. at December 31, 2017, are listed in alphabetical order.

Requirements

1. All adjustments have been journalized and posted, but the closing entries have not been made. Journalize For You eTravel Inc.'s closing entries at December 31, 2017.

2. Set up a T-account for Retained Earnings and post to that account. Compute For You's net income for the year ended December 31, 2017. What is the ending balance of Retained Earnings?

3. Did Retained Earnings increase or decrease during the year? What caused the increase or the decrease?