The accounts of Meadowbrook Service, Inc., at January 31, 2021, are listed in alphabetical order. 

Requirements 

1. All adjustments have been journalized and posted, but the closing entries have not yet been made. Journalize Meadowbrook’s closing entries at January 31, 2021.

2. Set up a T-account for Retained Earnings and post to that account. Then calculate Meadowbrook’s net income for the year ended January 31, 2021. What is the ending balance of Retained Earnings?

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

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Accounts payable. Accounts receivable.. Accumulated depreciation, equipment.. Advertising expense.. Cash......... Common stock. $ 10,000 1,000 Current portion of long-term note payable............ Depreciation expense-equipment Dividends declared.. Equipment............ 7,100 11,200 22,000 1,500 2,200 2,100 13,000 43,000 Interest expense..... Note payable, long-term... Other assets, long-term .... Prepaid expenses. Retained earnings, January 31, 2020 Salary expense. Salary payable. Service revenue. Supplies....... Supplies expense.... Unearned service revenue... $ 200 15,600 13,900 5,000 13,700 27,800 2,000 95,500 6,400 5,000 3,000